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电子 | 证券研究报告 — 调整盈利预测 2024 年 8 月 15 日 002938.SZ 买入 原评级：买入 市场价格:人民币 33.90 板块评级:强于大市 股价表现 (25%) (1%) 23% 47% 71% 95% Aug-23Sep-23Oct-23Nov-23Dec-23Jan-24Feb-24Apr-24May-24Jun-24Jul-24Aug-24 鹏鼎控股 深圳成指 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 52.9 (14.9) 21.4 49.7 相对深圳成指 64.5 (8.8) 35.4 72.4 | --- | |-----------| | 2,318.56 | | 2,315.11 | | 78,599.21 | | 812.48 | | | | 66.17 | | | 以 2024 年 8 月 14 日收市价为标准 相关研究报告 《鹏鼎控股》20240425 《鹏鼎控股》20240403 《鹏鼎控股》20230810 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：元件 证券分析师：苏凌瑶 lingyao.su@bocichina.com 证券 ...

基础化工 | 证券研究报告 — 调整盈利预测 2024 年 8 月 15 日 600309.SH 买入 原评级：买入 市场价格:人民币 70.80 板块评级:强于大市 股价表现 (28%) (22%) (16%) (9%) (3%) 4% Aug-23Sep-23Oct-23Nov-23Dec-23Jan-24Feb-24Apr-24May-24Jun-24Jul-24Aug-24 万华化学 上证综指 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 (6.4) (15.0) (21.0) (25.0) 相对上证综指 (2.7) (11.0) (11.7) (14.7) | --- | --- | |------------------------------------|------------| | 发行股数 (百万) | 3,139.75 | | 流通股 (百万) | 3,139.75 | | 总市值 (人民币 百万) | 222,294.06 | | 个月日均交易额 (人民币 百万) | 956.37 | | 主要股东 | | | 烟台国丰投资控股集团有限公司 | 21.59 | | 资料来源 ...

电子 | 证券研究报告 — 业绩评论 2024 年 8 月 15 日 688249.SH 买入 原评级：买入 市场价格:人民币 14.44 板块评级:强于大市 股价表现 (36%) (29%) (21%) (14%) (6%) 1% Aug-23Sep-23Oct-23Nov-23Dec-23Jan-24Feb-24Apr-24May-24Jun-24Jul-24Aug-24 晶合集成 上证综指 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 (16.4) (6.5) (1.0) (23.2) 相对上证综指 (12.7) (2.5) 8.4 (12.9) | --- | |-----------| | 2,006.14 | | 1,176.73 | | 28,968.59 | | 125.13 | | | | 23.35 | | | 以 2024 年 8 月 14 日收市价为标准 相关研究报告 《晶合集成》20240715 《晶合集成》20240506 《晶合集成》20240303 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@bocic ...

电子 | 证券研究报告 — 调整盈利预测 2024 年 8 月 15 日 601138.SH 买入 原评级：买入 市场价格:人民币 21.38 板块评级:强于大市 股价表现 (41%) (25%) (10%) 5% 20% 36% Aug-23Sep-23Oct-23Nov-23Dec-23Jan-24Feb-24Apr-24May-24Jun-24Jul-24Aug-24 工业富联 上证综指 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 50.6 (21.6) (10.2) (0.1) 相对上证综指 54.3 (17.5) (0.8) 10.2 | --- | --- | |------------------------------------|------------| | 发行股数 (百万) | 19,867.88 | | 流通股 (百万) | 19,862.39 | | 总市值 (人民币 百万) | 424,775.24 | | 3 个月日均交易额 (人民币 百万) | 3,434.22 | | 主要股东 | | | China Galaxy Enterprise Limited | 3 ...

Core Insights - The report highlights the performance of companies in the electric equipment sector, specifically focusing on their financial results and growth prospects in the context of market recovery and product development [2][5]. Company Summaries 1. Xiamen Tungsten New Energy - The company reported a profit of 239 million yuan for the first half of 2024, a year-on-year decrease of 6.12%, with revenue of 6.3 billion yuan, down 22.43% [3]. - Despite the decline in profit, the company maintained growth in shipment volumes, particularly in lithium battery materials, with cobalt acid lithium sales increasing by 29.98% and ternary material sales rising by 108.59% [3]. - The company is actively developing new products and preparing for overseas production capacity, which is expected to enhance growth opportunities in the future [2][3]. 2. Hongfa Technology - The company achieved a revenue of 7.231 billion yuan in the first half of 2024, representing a year-on-year growth of 8.89%, and a profit of 844 million yuan, up 15.33% [6]. - The main relay business saw a revenue increase of 8.00%, supported by a recovery in downstream demand, particularly in the home appliance sector and automotive industry [6]. - The company is expanding its product offerings, with significant growth in new product categories such as film capacitors and current sensors, which saw year-on-year increases of 20%, 118%, and 129% respectively [6]. Market Performance - The Shanghai Composite Index closed at 2850.65, with a slight increase of 0.60%, while the Shenzhen Component Index rose by 1.17% to 8311.00 [1]. - The electric equipment sector showed a positive performance with a growth of 1.48%, indicating a recovery in demand and market conditions [1].

Investment Rating - The report maintains a rating of "Accumulate" for the company [1][3]. Core Views - The company's performance showed a significant recovery in Q2 2024, with a 74% quarter-on-quarter growth despite a 57% year-on-year decline in the first half of the year. The introduction of new projects is expected to open up future growth opportunities [3]. - The company's EVA particle production is anticipated to further reduce costs, with the POE particle facility expected to commence production in 2025, potentially enhancing revenue and profit growth [3]. - The report highlights that the company's revenue for the first half of 2024 was 3.31 billion RMB, a year-on-year increase of 3.31%, while net profit decreased by 56.82% to 141 million RMB [3][5]. Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 3.31 billion RMB, with a net profit of 141 million RMB, reflecting a 56.82% decline year-on-year. However, the adjusted net profit (excluding non-recurring items) increased by 60.73% to 112 million RMB [3][5]. - The average price of photovoltaic EVA particles in H1 2024 was approximately 11,600 RMB/ton, down about 29% year-on-year, impacting sales revenue [3]. - The company’s EVA particle sales revenue was 796 million RMB, a decrease of 22.93% year-on-year, with a gross margin of 36.25%, down 6.68 percentage points [3]. Future Growth Prospects - Several projects are expected to commence production between 2024 and 2025, including a 90,000-ton/year VA facility and a 20,000-ton/year UHMWPE facility, which are anticipated to contribute to revenue growth [3]. - The company plans to launch a 100,000-ton/year POE facility in 2025, which has already passed necessary approvals, and a 200,000-ton/year EVA facility is also in the pipeline [3]. Valuation - The report adjusts the earnings per share (EPS) forecasts for 2024-2026 to 0.29, 0.37, and 0.57 RMB, respectively, with corresponding price-to-earnings ratios of 44.7, 35.5, and 22.8 times [3][4].

688676.SH 买入 原评级：买入 市场价格:人民币 36.20 板块评级:强于大市 股价表现 (15%) 5% 26% 46% 66% 86% Aug-23Sep-23Oct-23Nov-23Dec-23Jan-24Feb-24Apr-24May-24Jun-24Jul-24Aug-24 金盘科技 上证综指 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 (4.1) (16.0) (36.5) 6.5 相对上证综指 (0.9) (12.5) (27.6) 16.5 | --- | --- | --- | |------------------------------|------------|-----------| | 发行股数 (百万) | | 456.95 | | 流通股 (百万) | | 456.95 | | 总市值 (人民币 百万) | | 16,541.65 | | 3 个月日均交易额 (人民币 | 百万) | 338.76 | | 主要股东 | | | | 海南元宇智能科技投资有限公司 | | 40.456 | | 资料来源：公司公告，Wind | ，中银证券 | | 以 202 ...