电子 | 证券研究报告 — 业绩评论 2024 年 8 月 27 日 688008.SH 买入 原评级：买入 市场价格:人民币 53.10 板块评级:强于大市 股价表现 (13%) (3%) 6% 15% 25% 34% Aug-23Sep-23Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24 澜起科技 上证综指 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 (7.8) (8.8) 6.7 10.6 相对上证综指 (4.2) (7.6) 14.3 17.4 | --- | |-----------| | 1,142.54 | | 1,142.54 | | 60,668.75 | | 1,031.59 | | | | 7.63 | | | 以 2024 年 8 月 26 日收市价为标准 相关研究报告 《澜起科技》20240708 《澜起科技》20240426 《澜起科技》20240403 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：半导体 证券分析师：苏凌瑶 lingyao.su@bocichina.com 证券投 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][2]. Core Views - The company benefits from the recovery in the PCB industry, with stable performance in tool products and rapid growth in new businesses [2][4]. - In the first half of 2024, the company achieved revenue of 713 million RMB, a year-on-year increase of 22.30%, while net profit attributable to the parent company was 89 million RMB, a decrease of 16.05% [2][4]. - The company is positioned as a global leader in PCB drilling needles, expected to benefit from the increasing penetration of high-end products such as micro-drills and coated drilling needles [2][5]. Summary by Sections Financial Performance - In Q2 2024, the company reported revenue of 380 million RMB, up 23.96% year-on-year, and a net profit of 48 million RMB, up 28.20% year-on-year [5]. - The overall gross margin for the first half of 2024 was 34.66%, down 1.59 percentage points year-on-year, while the net margin was 12.49%, down 5.67 percentage points year-on-year [4][5]. Business Segments - Traditional business in PCB tools benefited from industry recovery, with tool products and polishing materials achieving revenues of 541 million RMB and 70 million RMB, respectively, representing year-on-year growth of 12.10% and 28.58% [2][4]. - New business segments, including functional film products and intelligent CNC equipment, saw significant growth, with revenues of 68 million RMB and 24 million RMB, respectively, marking year-on-year increases of 146.34% and 265.50% [2][4]. Future Outlook - The company has slightly adjusted its profit forecast, expecting revenues of 1.694 billion RMB, 2.087 billion RMB, and 2.501 billion RMB for 2024, 2025, and 2026, respectively [3][6]. - The expected net profit for the same years is projected to be 263 million RMB, 334 million RMB, and 412 million RMB, with corresponding EPS of 0.64 RMB, 0.81 RMB, and 1.01 RMB [3][6].

基础化工 | 证券研究报告 — 业绩评论 2024 年 8 月 27 日 600426.SH 买入 原评级：买入 市场价格:人民币 22.03 板块评级:强于大市 股价表现 (32%) (25%) (18%) (10%) (3%) 4% Aug-23Sep-23Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24 华鲁恒升 上证综指 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 (19.7) (9.9) (24.1) (30.8) 相对上证综指 (16.1) (8.7) (16.5) (24.0) | --- | --- | |------------------------------------|-----------| | 发行股数 (百万) | 2,123.32 | | 流通股 (百万) | 2,115.41 | | 总市值 (人民币 百万) | 46,776.74 | | 个月日均交易额 (人民币 百万) | 301.69 | | 主要股东 | | | 山东华鲁恒升集团有限公司 | 32.06 | | 资料来源：公司公告 ...

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房地产行业 | 证券研究报告 — 行业周报 2024 年 8 月 27 日 相关研究报告 《房地产 2024 年 7 月统计局数据点评:传统淡季+政 策效果减弱，销售降幅扩大；开工与投资仍然低迷》 （2024/08/16） 《70 城新房二手房房价环比跌幅收窄，但环比下跌 城市数量增加——房地产行业 2024 年 7 月 70 个大 中城市房价数据点评》（2024/08/16） 《住房"以旧换新"——一个被低估的方向》 （2024/08/08） 《房地产行业 2024 年中期策略——下半年地产空 间在哪?》（2024/07/30） 《这轮地产政策能刺激多少需求？》（2024/05/21） 《为什么是 3000 亿？》（2024/05/21） 《这次地产不一样？》（2024/05/13） 《房地产行业 2024年度策略——行业寒冬尚在延续， 房企能否行稳致远？》（2024/01/03） 中银国际证券股份有限公司 具备证券投资咨询业务资格 房地产行业 证券分析师：夏亦丰 (8621)20328348 yifeng.xia@bocichina.com 证券投资咨询业务证书编号：S1300521070005 证券分析 ...

| --- | --- | --- | --- | --- | |----------------------------------------|------------------------------------------------------|-------------------------------------|-------|----------------------------------------------------------------------------------------------------------------------------------| | 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 27 日 \n中银晨会聚焦 -20240827 | | 1519.HK | | 极兔速递 -W | | | | 002001.SZ | | 新和成 | | | | | | | | ■ 重点关注 | | 002409.SZ | | 雅克科技 | | | | 002340.SZ | | 格林美 佰 ...

Investment Rating - The investment rating for the company is "Buy" with a previous rating of "Buy" as well [1][2]. Core Views - The company has shown steady revenue growth in the first half of 2024, achieving a revenue of 266 million RMB, which is an increase of 11.12% year-on-year. However, the net profit attributable to shareholders was a loss of 91 million RMB, which is a 21.32% increase in loss compared to the previous year [2][3]. - The company is focusing on its "storage, computing, and networking" integrated strategy, which is expected to provide significant long-term growth potential [2][3]. - The semiconductor industry is experiencing a cyclical recovery, with improving supply-demand dynamics in the storage chip market, benefiting the company [2][3]. Financial Summary - The company reported a revenue of 266 million RMB in H1 2024, with a gross margin of 13.39%, which is an increase of 0.65 percentage points year-on-year [2][3]. - The company’s R&D expenses in H1 2024 were 106 million RMB, accounting for 39.72% of its revenue, reflecting a year-on-year increase of 26.31% [2][3]. - The projected revenues for 2024, 2025, and 2026 are 719 million RMB, 994 million RMB, and 1.264 billion RMB respectively, with corresponding net profits of -31 million RMB, 163 million RMB, and 269 million RMB [3][5]. Market Performance - The company's stock price is currently at 17.26 RMB, with a market capitalization of approximately 7.633 billion RMB [1][2]. - The stock has underperformed relative to the Shanghai Composite Index, with a year-to-date performance of -40% compared to the index [1][2].

食品饮料 | 证券研究报告 — 调整盈利预测 2024 年 8 月 27 日 000869.SZ 增持 原评级：买入 市场价格:人民币 20.32 板块评级:强于大市 本报告要点 张裕 2024 年半年报业绩点评 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 (36%) (28%) (20%) (12%) (4%) 4% Aug-23Sep-23Oct-23Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24 张裕A 深圳成指 绝对 (14.6) (4.4) (16.3) (34.3) 相对深圳成指 (1.7) 0.5 (2.1) (14.9) | --- | --- | --- | |-----------------------------------------------|------------|-----------| | | | | | 发行股数 ( 百万 ) | | 692.25 | | 流通股 ( 百万 ) | | 687.06 | | 总市值 ( 人民币 百万 ) | | 14,066.51 | | 3 个月日均交易额 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][3]. Core Views - The company's performance in the first half of 2024 shows a year-on-year revenue growth of 13.89%, with total revenue reaching RMB 310.20 billion, a growth of 8.38% compared to the previous year [3]. - The inverter business is experiencing steady growth, while the profitability of the energy storage systems has significantly improved [3]. - The company has a high contract liability amounting to RMB 90.42 billion, indicating strong demand and positive production outlook [3]. Financial Summary - For the first half of 2024, the company achieved a net profit attributable to shareholders of RMB 49.59 billion, up 13.89% year-on-year, with a net profit margin of 16.27% [3][5]. - The comprehensive gross margin increased by 3.00 percentage points to 32.42%, and the comprehensive net margin improved by 0.86 percentage points [3]. - The company's revenue from photovoltaic inverters reached RMB 130.93 billion, a year-on-year increase of 12.63%, with a gross margin of 37.62% [3]. - The energy storage systems generated revenue of RMB 78.16 billion, with a gross margin improvement of 12.61 percentage points to 40.08% [3]. - The new energy investment and development segment saw revenue of RMB 89.55 billion, an increase of 18.45% year-on-year, with a gross margin of 16.88% [3]. Valuation - The earnings per share (EPS) estimates for 2024-2026 have been adjusted to RMB 5.28, RMB 5.88, and RMB 6.74, respectively, with corresponding price-to-earnings ratios of 13.5, 12.1, and 10.6 times [3][4].

房地产 | 证券研究报告 — 业绩评论 2024 年 8 月 27 日 600048.SH 买入 原评级：买入 市场价格:人民币 8.02 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 (15.0) (10.1) (24.5) (42.6) 相对上证综指 (11.3) (8.9) (16.9) (35.8) 相关研究报告 《保利发展：营收增长利润承压；经营性现金流大幅 改善》20240425 《保利发展：销售稳居行业第一，融资渠道畅通》 20240315 《保利发展：业绩与利润率短期承压，融资与资金优 势显著——2022 年年报点评》20230401 《保利发展：业绩与利润率短期承压，融资与拿地优 势凸显——2022 年三季报点评》20221030 《保利发展：央企龙头具备穿越周期的战略定力，多 重优势奠定未来发展基石》20220208 中银国际证券股份有限公司 具备证券投资咨询业务资格 房地产：房地产开发 证券分析师：夏亦丰 yifeng.xia@bocichina.com 证券投资咨询业务证书编号：S1300521070005 证券分析师：许佳璐 jialu.xu ...