Investment Rating - The report maintains an "Accumulate" rating for the company [1][2]. Core Views - The company has shown a slight year-on-year revenue growth of 0.02% in H1 2024, with a significant increase in electric vehicle charging equipment revenue by 44.83% [2][4]. - The energy storage business has experienced a slowdown in growth due to high overseas interest rates, but there is potential for recovery if rates ease [2][4]. - The overall gross margin has decreased by 1.96 percentage points to 39.57%, while the net profit margin has declined by 3.94 percentage points to 12.53% [2][4]. Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of RMB 1.43 billion, a year-on-year increase of 29.84%, and a net profit of RMB 181.50 million, reflecting a 0.02% growth [2][4]. - The gross profit margin for H1 2024 was 39.57%, down from the previous year, while the net profit margin was 12.53% [4][6]. Business Segments - The electric vehicle charging equipment segment generated RMB 556 million in revenue, up 44.83% year-on-year, with a gross margin of 38.07% [2][4]. - The energy storage segment reported revenue of RMB 465 million, a 19.59% increase, but with a gross margin decline to 30.01% [2][4]. - The industrial power supply and battery testing segments also showed stable growth, with revenues of RMB 251 million and RMB 126 million, respectively [2][4]. Future Projections - The company’s earnings per share (EPS) estimates for 2024-2026 have been adjusted to RMB 1.53, RMB 2.02, and RMB 2.58, respectively, reflecting a decrease from previous forecasts [2][3]. - The projected price-to-earnings (P/E) ratios for 2024-2026 are 13.3, 10.1, and 7.9 times, indicating a favorable valuation outlook [3][5].

强于大市 房地产 | 证券研究报告 — 行业深度 2024 年 8 月 8 日 住房"以旧换新"政策研究 住房"以旧换新"——一个被低估的方向 核心观点 "以旧换新"购房政策，即购房者可先锁定新房，再由中介进行旧房销售，或者由房企、地方国有平台公司、 第三方直接收购二手旧房，部分城市同时还提供换房补贴。"以旧换新"是属于贯通一二手房市场、买与卖 市场的政策创新，对一二手房联动、新房项目积极去库存、房企和中介公司业务量增加等都有积极的作用。 我们认为"以旧换新"政策实施的背景主要有二：1）去库存。当前广义库存去化周期已处于 15 年 10 月的水 平，15 年"去库存"的主要手段为货币化棚改。而从目前政策来看，"以旧换新"是类似的，可将居民持有的 房产再投入市场，激发置换需求的政策。2）目前热点城市新房二手房都出现了疲弱甚至相互竞争，循环降 价的现象，导致地产循环链条中断。目前市场上存在卖一买一、卖旧买新、卖小买大的改善型和住房升级 需求。据我们的不完全统计，截至 7 月 26 日，全国已有超 80 个城市表态支持住房"以旧换新"。 在政策的实施过程中，各地根据自身情况，探索出了多种模式，主流模式有以下几种：1 ...

机械设备 | 证券研究报告 — 行业策略报告 2024 年 8 月 8 日 强于大市 机械设备行业 2024 下半年展望 下游需求阶段性承压，关注出海、新技术等结构性机会 2024 年以来，机械设备行业各下游需求和投资强度整体承压，我们展望 2024 年下半年， 认为机械设备行业仍然存在结构性机会，建议关注海外出口、需求复苏、以旧换新以及新 技术带来的机会。 支撑评级的要点 工程机械：国内需求逐步筑底，海外出口非洲及拉丁美洲或成未来新看点。根据中国 工程机械工业协会发布数据，2024 年 1-6 月份挖掘机销量 103,213 台，同比下降 5.15%， 其中国内 53,407 台，同比增长 4.66%，已经连续四个月实现同比增长；出口 49,806 台， 同比下降 13.81%，降幅持续收窄。未来，国内市场在地产需求持续偏弱的大背景下， 万亿国债等政策持续加大基建投入，农田水利建设及人工替代需求释放，以及政策推 动的老旧设备更新替代，将为工程机械需求提供支撑，国内需求有望逐步见底；海外 市场依旧具备韧性，但是传统的俄罗斯、北美洲、东南亚等地区增长略显疲势，非洲 和拉丁美洲等其他新兴市场增速较高，且渗透率提升 ...

| --- | --- | --- | --- | |--------------------------------------|------------------------------------------------------|-----------------|------------------------------------------------------------------------------------------------------------------------------------| | 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 8 日 \n中银晨会聚焦 -20240808 | | | | | | | 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 | 【 宏观经济 】 1-7 月进出口数据点评 * 陈琦 朱启兵。 出口同比增速延续正增 ...

Investment Rating - The report rates the communication industry as "Outperform" compared to the market [1]. Core Insights - The communication sector showed slight growth, with the overall index increasing by 0.24% in the 31st week of 2024, outperforming the ChiNext index but underperforming the Shanghai Composite index [5][1]. - Key sub-sectors such as communication support services, terminal equipment, and communication operations saw increases of 2.34%, 1.44%, and 1.08% respectively, while communication transmission equipment experienced a decline of 1.21% [7][9]. - The report suggests focusing on investment opportunities in satellite internet, optical modules, and 5G technologies [1]. Summary by Sections Market Performance - The communication sector index increased by 0.24% in the 31st week of 2024, ranking 3rd among all primary industries year-to-date [5]. - The communication support services sub-sector rose by 2.34%, terminal equipment by 1.44%, and communication operations by 1.08%, while communication transmission equipment fell by 1.21% [7]. Stock Performance - Among the stocks in the communication sector, 89 increased, 6 remained flat, and 39 decreased. Notable gainers included ST Gaohong (15.71%) and Shengyang Technology (14.65%), while Guanghetong saw the largest decline at -18.65% [11][12][13]. Industry Fund Flow - In the 31st week of 2024, the communication sector experienced a net outflow of 3.27 billion yuan, ranking 26th among 31 primary industries in terms of inflow [14][16]. Industry News - China Unicom's executive emphasized the need for continued exploration in low-altitude economy policies and technologies [22]. - China Telecom's satellite division has been proactive in emergency communication support during disasters, deploying significant resources to ensure connectivity [23]. - The report highlights the importance of 5G technology in enhancing industrial internet capabilities and supporting smart manufacturing [24][26].

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电力设备 | 证券研究报告 — 行业点评 2024 年 8 月 7 日 强于大市 电力设备行业动态点评 三部委印发《加快构建新型电力系统行动方案》 2024 年 8 月 6 日，国家发改委、国家能源局、国家数据局联合印发《加快构 建新型电力系统行动方案（2024-2027 年）》，明确提出电力系统稳定保障、 大规模高比例新能源外送攻坚、电力系统调节能力优化等 9 项专项行动；我 国光伏、储能装机规模有望持续提升，高比例新能源接入有望推动电力设备 投资规模持续提升；维持行业强于大市评级。 支撑评级的要点 我国将通过 9 项专项行动加快新兴电力系统建设：2024 年 8 月 6 日，国 家发改委、国家能源局、国家数据局联合印发《加快构建新型电力系统 行动方案（2024-2027 年）》（以下简称《行动方案》），明确我国将在 2024-2027 年重点开展 9 项专项行动以加快推进新型电力系统建设取得实 效。9 项专项行动具体包括：1）电力系统稳定保障；2）大规模高比例新 能源外送攻坚；3）配电网高质量发展；4）智慧化调度体系建设；5）新 能源系统友好性能提升；6）新一代煤电升级；7）电力系统调节能力优 化；8）电 ...

| --- | --- | --- | --- | |----------------------------------------|------------------------------------------------------|-------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------| | 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 7 日 \n中银晨会聚焦 -20240807 | | 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 | | | 688198.SH | | 佰仁 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][2][3] Core Views - The change of actual controller to China Resources will enhance collaboration in the traditional Chinese medicine industry, improving core competitiveness across the entire industry chain [1][2] - The partnership with China Resources will bolster research and development capabilities, promoting digital transformation in traditional Chinese medicine [2] - The company has a strong marketing network and unique products, which will complement China Resources' manufacturing and commercial strengths, accelerating product pipeline development [2] Summary by Sections Investment Summary - The company is expected to achieve net profits of RMB 1.071 billion, RMB 1.075 billion, and RMB 1.135 billion for 2024-2026, with corresponding EPS of RMB 0.72, RMB 0.76, and RMB 0.85 [3][8] - The current PE ratios are projected to be 19.9x, 18.8x, and 16.8x for the respective years [3][8] Financial Performance - The company's revenue is projected to grow from RMB 8.674 billion in 2023 to RMB 10.617 billion in 2026, with a CAGR of approximately 7% [3][8] - EBITDA is expected to increase from RMB 1.925 billion in 2023 to RMB 2.134 billion in 2026 [3][8] - The net profit margin is projected to stabilize around 12.3% to 12.0% over the forecast period [8] Market Position - The company has established a strong marketing network with exclusive products in the cardiovascular medication sector, enhancing its competitive edge [2][3] - The collaboration with China Resources is anticipated to create synergies that will facilitate the launch of new products and the commercialization of R&D outcomes [2][3]

社会服务 | 证券研究报告 — 行业策略报告 2024 年 8 月 6 日 强于大市 社会服务行业 2024 年中期 策略 H1 板块延续下探，关注细分赛道景气度 从 2024 年初至 6 月 30 日，社会服务板块 24H1 跌幅为 24.05%，社会服务板 块跑输大盘，在申万 31 个一级行业中排名第 28，延续了去年的下行趋势。 当前行业受累于宏观经济恢复速度较缓、居民收入增长预期不足，以及对后 续消费信心不足，整体消费行业关注度下降，市场表现欠佳。但行业已经过 充分下探，风险已得到部分释放，建议关注结构性机遇，我们维持行业强于 大市评级。 支撑评级的要点 旅游：景气度持续高企，跨境游有望贡献增量。1)景区：出行市场持续高 景气，政策利好落地有望推动供给迭代升级。国内市场重回内生式增长， 后续可关注供给侧存在项目扩容和外部交通改善的企业，以及存在提高 分红潜力的企业。建议关注黄山旅游、长白山、宋城演艺、丽江股份、 中青旅、天目湖。2)跨境游：国际航班已恢复至疫前 7 成左右，暑期有望 恢复至 8 成左右；免签朋友圈持续扩容，政策红利不断释放，跨境游供 应链逐步回归正轨，后续有望加速修复。建议关注众信旅游 ...