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 ...

电力设备 | 证券研究报告 — 调整盈利预测 2024 年 8 月 14 日 688005.SH 增持 原评级：增持 市场价格:人民币 22.00 板块评级:强于大市 股价表现 (%) 今年 1 3 12 (60%) (48%) (36%) (24%) (12%) 0% Aug-23Sep-23Oct-23Nov-23Dec-23Jan-24Feb-24Apr-24May-24Jun-24Jul-24Aug-24 容百科技 上证综指 至今 个月 个月 个月 绝对 (43.6) (3.3) (28.1) (59.3) 相对上证综指 (40.4) 0.2 (19.2) (49.2) | --- | --- | --- | |-------------------------------|------------|-----------| | | | | | 发行股数 ( 百万 ) | | 483.03 | | 流通股 ( 百万 ) | | 315.45 | | 总市值 ( 人民币 百万 ) | | 10,626.65 | | 3 个月日均交易额 ( 人民币 | 百万 ) | 167.26 | | 主要股东 | | ...

电力设备 | 证券研究报告 — 业绩评论 2024 年 8 月 14 日 688778.SH 增持 原评级：增持 市场价格:人民币 29.71 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 (24.6) (8.4) (18.5) (32.0) (39%) (31%) (23%) (15%) (7%) 1% Aug-23Sep-23Oct-23Nov-23Dec-23Jan-24Feb-24Apr-24May-24Jun-24Jul-24Aug-24 厦钨新能 上证综指 相对上证综指 (21.4) (5.0) (9.6) (21.9) | --- | --- | |-------------------------------|-----------| | | | | 发行股数 ( 百万 ) | 420.77 | | 流通股 ( 百万 ) | 420.77 | | 总市值 ( 人民币 百万 ) | 12,501.11 | | 3 个月日均交易额 ( 人民币 | 51.10 | | 主要股东 | | | 厦门钨业股份有限公司 | 50.26 | | 资料来源：公司公告， ...

Investment Rating - The investment rating for the company is "Accumulate" [1][4] Core Views - The company reported a year-on-year revenue growth of 15.33% for the first half of 2024, achieving a revenue of RMB 7.23 billion and a net profit of RMB 844 million [4][6] - The main relay business has shown solid growth, with a revenue of RMB 6.49 billion, reflecting an 8% increase year-on-year [4][6] - The overall gross margin slightly decreased to 34.78%, while the net profit margin improved to 15.31% [4][6] Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of RMB 7.23 billion, up 8.89% year-on-year, and a net profit of RMB 844 million, up 15.33% year-on-year [4][6] - The gross margin decreased by 0.97 percentage points to 34.78%, while the net profit margin increased by 0.46 percentage points to 15.31% [4][6] - The company’s operating efficiency improved, with per capita sales collection rising by 9.1% to RMB 602,000 [4][6] Business Segments - The main relay business maintained a stable market share, with a revenue of RMB 6.49 billion, up 8% year-on-year, despite a slight decline in gross margin to 36.15% [4][6] - The electrical products segment saw a revenue decline of 3.98% to RMB 405 million, attributed to a sluggish domestic construction distribution market [4][6] - New product categories such as film capacitors and current sensors experienced significant growth, with shipment volumes increasing by 20%, 118%, and 129% respectively [4][6] Valuation - The earnings per share (EPS) estimates for 2024-2026 have been adjusted to RMB 1.59, RMB 1.83, and RMB 2.09 respectively, with corresponding price-to-earnings ratios of 17.7, 15.4, and 13.5 [4][5] - The company’s total market capitalization is approximately RMB 29.34 billion [3]

通信 | 证券研究报告 — 行业周报 2024 年 8 月 14 日 强于大市 通信行业相对沪深 300 指数表现 资料来源：万得，中银证券 注：收盘价截止到 2024 年 8 月 9 日 通信行业周报(0812-0818) 通信板块回调较深 行情回顾： 2024 年第 32 周(0805-0809)通信大板块和通信子板块均表现不佳，其他通 信设备下跌 0.52%，通信终端及配件下跌 2.25%，通信网络设备及器件下 跌 3.32%，通信应用增值服务下跌 3.40%，通信工程及服务下跌 3.47%， 通信线缆及配套下跌 4.29%，电信运营商下跌 4.65%。 全周(0805-0809) 建议关注标的组合阶段性表现不佳，按照算数平均计算 组合周跌幅为 4.82%，跑输通信（申万）板块指数（-3.73%）、创业板指 （-2.60%）、上证指数（-1.49%）和沪深 300 指数（-1.56%）。 投资建议： 建议关注：卫星互联网（创意信息、上海瀚讯、华力创通），光模块（中 际旭创、新易盛、华工科技），5G（灿勤科技、硕贝德）。 风险提示： 中美贸易摩擦造成的不确定性因素增多，宏观经济环境承压，相关政策 落地不及 ...

房地产行业 | 证券研究报告 — 行业周报 2024 年 8 月 14 日 房地产行业第 32 周周报（8 月 3 日-8 月 9 日） 本周新房二手房成交同比均由正转负；深圳拟收 购商品房用作保障房 本周新房成交面积同环比均由正转负；二手房成交面积环比降幅收窄，同比由正转负；新 房库存面积环比上升，同比下降；去化周期同环比均上升。 核心观点 新房成交面积同环比均由正转负，政策放松后前期积累的需求基本已经释放完毕，政策效果边际 减弱，不过一线城市仍然具备一定韧性，新房成交同比持续正增长。新房成交面积为188.3 万平方 米，环比下降24.3%，同比下降5.3%，同比增速由正转负，较上周下降了8.1 个百分点。一、二、 三四线城市新房成交面积分别为64.3、83.0、40.9 万平方米，环比增速分别为-7.6%、-32.3%、-27.5%， 同比增速分别为50.4%、-24.1%、-27.3%。一线城市同比增速上升了36.2 个百分点，二、三四线城 市同比降幅分别扩大了21.8、26.6 个百分点。 二手房成交面积环比降幅收窄，同比由正转负，二手房成交情况相对好于新房，一线城市同比仍 保持正增长。18 个城市成 ...

社会服务 | 证券研究报告 — 行业周报 2024 年 8 月 13 日 强于大市 社会服务行业双周报 板块回调关注度提升，服务消费再迎政策利好 | --- | |-----------------------------------------------------------------------| | 前两交易周（2024.07.29-2024.08.09）社会服务板块上涨 6.14%，在申万一级 | | 个行业排名中位列第 1。社会服务板块跑赢沪深 300 指数 8.42pct。近期市 | | 场迎来底部机遇，板块回调明显，关注度有所回升。此外暑期旅游市场持续 | | 火热，叠加国家就服务消费发展作出的全面部署，社服再迎政策催化，有望 | | 利好旅游、餐饮及教育相关产业链，我们维持行业强于大市评级。 | | &行业动态数据 | | 前两交易周社会服务板块上涨 6.14%，社会服务子板块及旅游零售板块中 | | 个上涨，涨跌幅由高到低分别为：教育（17.19%）、旅游及景区（5.16%）、 | | 酒店餐饮（4.23%）、专业服务（2.27%）、旅游零售（-3.41%）。 | | 北上资金方面，前 ...

| --- | --- | --- | --- | --- | |----------------------------------------|------------------------------------------------------|-----------------------|----------------|---------------------------------------------------------------------------------------------------------------------------------------| | 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 13 日 \n中银晨会聚焦 -20240813 | | 1519.HK | | 极兔速递 | -W | | | 002001.SZ | | 新和成 | | | | 002409.SZ | | 雅克科技 | | ■ 重点关注 | | 002340.SZ | | 格林美 | | | | 68819 ...