Group 1 - The electronic industry is currently driven by both industry cycles and trends, with emerging sectors like electronics showing significant demand growth, particularly in the context of the transition from old to new economic drivers [26][27][29] - The establishment of the third phase of the National Integrated Circuit Industry Investment Fund, with a registered capital of 344 billion yuan, is expected to primarily target semiconductor equipment, materials, and advanced packaging, which are critical for domestic demand [34][51] - The semiconductor cycle is on an upward trend in 2024, with strong performance in integrated circuit exports, which saw a year-on-year increase of 28.47% in May and 23.39% in June [52][34] Group 2 - The end-side AI applications are anticipated to lead an innovation cycle, with AI smartphones and AI PCs expected to drive hardware upgrades in SoC, storage, sensors, cooling, and PCB [42][60] - The global AI PC shipment is projected to reach 51 million units in 2024, with a compound annual growth rate of 42% from 2024 to 2028 [46][59] - The introduction of AI features in high-end smartphones is expected to increase DRAM demand, with Samsung's upcoming S24 smartphone anticipated to utilize around 2GB of DRAM for AI functionalities [47]

Investment Rating - The report assigns a "Buy" rating to the company, with an initial rating of "No Rating" prior to this report [1][3]. Core Insights - The company is a leader in the Southeast Asian express logistics industry and is expanding into overseas markets, leveraging its experience from China. The financial performance has shown consistent growth in business volume and improving profitability. The integration of advanced domestic practices into Southeast Asia and other emerging markets is expected to yield significant future growth [3][4]. Summary by Sections Company Overview - The company, J&T Express, was established in Indonesia and has rapidly expanded its global presence, focusing on express delivery services. It operates in 13 countries, including major markets in Southeast Asia and China. The express service remains the core business, while cross-border logistics is increasingly contributing to revenue [8][12][14]. Market Analysis - The domestic e-commerce market in China is experiencing significant growth, with live-streaming e-commerce gaining a larger market share. The Southeast Asian express market is projected to maintain a high growth rate, with the company holding a leading market share. Emerging markets are still in the early stages of e-commerce development but show rapid growth potential [19][26][29]. Financial Overview - The company has seen substantial revenue growth from $15.35 billion in 2020 to $88.49 billion in 2023, with a significant improvement in gross margin from -17.03% to 5.34% during the same period. The net profit margin has also shown improvement, indicating better cost management and operational efficiency [16][17][41]. Profitability Forecast and Valuation - The company is expected to generate revenues of RMB 766.19 billion, RMB 910.85 billion, and RMB 1,065.31 billion for the years 2024 to 2026, with corresponding net profits of -28.25 billion, 10.47 billion, and 19.01 billion respectively. The valuation is based on a price-to-sales (P/S) ratio, with estimates indicating a reasonable valuation compared to peers [36][42][41].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3] Core Views - The company is a leading player in the seasoning industry, with well-known brands "Chubang" and "Meiweixian," and has significant room for market share growth [3][9] - Recent management changes and reforms are expected to enhance operational efficiency and drive future performance [3][22] - The company is focusing on optimizing its product structure and expanding its national marketing network, particularly in the restaurant channel [3][5] Summary by Sections Company Background - The company, Zhongju Gaoxin, was established in 1993 and listed in 1995, focusing on seasoning products and real estate development [9] - In 2023, the company achieved revenue of 5.14 billion RMB, with soy sauce products accounting for 62.2% of its revenue [3][9] Shareholding Structure - The ownership dispute has concluded, with Huojun Group regaining control as the largest shareholder [12] Management Team - A new management team with backgrounds in major consumer goods companies has been appointed, aiming to leverage their experience for business synergy [22][23] Incentive Mechanism - The company has announced a stock incentive plan for 2024, aimed at enhancing internal motivation and team building [24] Product Strategy - The company is shifting its focus towards high-margin products and optimizing its product mix to enhance profitability [5][9] Marketing and Sales Channels - The company is reforming its marketing structure and aims to increase its presence in the restaurant channel, which represents a significant market opportunity [3][5] Financial Forecast - The company expects revenue growth from 5.50 billion RMB in 2024 to 7.16 billion RMB in 2026, with a projected net profit of 710 million RMB in 2024 [4][5]

Core Insights - The report highlights significant performance challenges for the companies in the first half of 2024, with a notable decline in net profits due to increased competition and changes in customer demand [2][3][4] - Future growth is anticipated to be driven by advancements in edge AI technology, which is expected to enhance the integration of hardware and AI in various applications [4] Company Summaries Lingyi Technology - The company forecasts a substantial decline in net profit for the first half of 2024, estimated between 6.8 to 7.8 billion yuan, representing a year-on-year decrease of 45.52% to 37.51% [3] - The decline is attributed to the scaling of new business revenues that negatively impacted profitability and a decrease in overall gross margin due to intensified industry competition [3] - Lingyi Technology is expected to benefit from the "hardware + AI" upgrade trend, with significant growth in demand for components related to AI-enabled devices [4] Feirongda - Feirongda anticipates a revenue increase of approximately 21.70 billion yuan in the first half of 2024, reflecting a year-on-year growth of 22.05% [7] - The net profit is projected to be between 0.54 to 0.64 billion yuan, marking an impressive increase of 1243.65% to 1492.48% compared to the previous year [7] - The company is experiencing growth across consumer electronics, new energy vehicles, and communication sectors, with successful advancements in server cooling products [8] Sitwei - Sitwei's revenue for the first half of 2024 is expected to be around 24.5 billion yuan, showing a year-on-year increase of 128% [11] - The company is projected to achieve a net profit of approximately 1.48 billion yuan, indicating a turnaround from previous losses [12] - Sitwei is positioned to capture market share in high-end mobile CIS products, benefiting from the exit of competitors like SK Hynix from certain market segments [13]

Investment Rating - The industry investment rating is "Outperform the Market" [17] Core Viewpoints - The second quarter economic performance was stable, with a slight decline in June retail sales growth. The total retail sales in June reached 4.1 trillion yuan, with a year-on-year growth of 2.0%. The GDP for the second quarter was 32.05 trillion yuan, with a year-on-year growth of 4.7%, slightly below market expectations. The per capita disposable income for residents in the first half of the year was 20,733 yuan, with a real year-on-year growth of 5.3% [1][2][3] - The report maintains an "Outperform the Market" rating due to the overall stable economic operation and the recovery of service-related consumption. The total retail sales for the first half of the year reached 235,969 billion yuan, with a year-on-year growth of 3.7% [1][3] - Consumer confidence still has significant recovery potential, with summer travel consumption expected to catalyze growth. The consumer confidence index for May was 86.40, showing a slight decline but indicating room for long-term recovery [1][3] Summary by Relevant Sections Economic Performance - The second quarter GDP was 32.05 trillion yuan, with a year-on-year growth of 4.7%. The total GDP for the first half of the year was 61.68 trillion yuan, with a year-on-year growth of 5.0% [1][2] - June retail sales totaled 40,732 billion yuan, with a year-on-year growth of 2.0%. Retail sales excluding automobiles reached 36,364 billion yuan, with a year-on-year growth of 3.0% [1][3] Consumer Behavior - The per capita disposable income for residents was 20,733 yuan, with a real year-on-year growth of 5.3%. The per capita consumption expenditure was 13,601 yuan, with a real year-on-year growth of 6.7%, indicating that consumption growth outpaced income growth [1][3] - Service consumption continued to recover, with service retail sales growing year-on-year by 7.5% and restaurant income growing by 7.9% [1][3] Investment Recommendations - The report suggests focusing on companies likely to benefit from the recovery in travel and business consumption, including tourism service providers and those in the hospitality sector [1][3]

以报告发布日后公司股价/行业指数涨跌幅相对同期相关市场指数的涨跌幅的表现为基准： 公司投资评级： 买 入：预计该公司股价在未来 6-12 个月内超越基准指数 20%以上； 中 性：预计该公司股价在未来 6-12 个月内相对基准指数变动幅度在-10%-10%之间； 减 持：预计该公司股价在未来 6-12 个月内相对基准指数跌幅在 10%以上； 未有评级：因无法获取必要的资料或者其他原因，未能给出明确的投资评级。 行业投资评级： 强于大市：预计该行业指数在未来 6-12 个月内表现强于基准指数； 中 性：预计该行业指数在未来 6-12 个月内表现基本与基准指数持平； 弱于大市：预计该行业指数在未来 6-12 个月内表现弱于基准指数； 未有评级：因无法获取必要的资料或者其他原因，未能给出明确的投资评级。 2024 年 7 月 17 日 飞荣达 3 风险提示及免责声明 本报告由中银国际证券股份有限公司证券分析师撰写并向特定客户发布。 本报告发布的特定客户包括：1) 基金、保险、QFII、QDII 等能够充分理解证券研究报告， 具备专业信息处理能力的中银国际证券股份有限公司的机构客户；2) 中银国际证券股份有 限公司的 ...

思特威-W 电子 | 证券研究报告 — 调整盈利预测 2024 年 7 月 17 日 688213.SH 买入 原评级:买入 市场价格:人民币 56.74 板块评级:强于大市 股价表现 (32%) (23%) (14%) (5%) 4% 13% Jul-23Aug-23Sep-23Oct-23Nov-23Dec-23Jan-24Mar-24Apr-24May-24Jun-24Jul-24 思特威-W 上证综指 2024H1 预告大超市场预期,手机高阶 CIS 厚积薄发 | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------------------------------------|-------|----------------------------------------------------------------------------------------------------------------------------|--------------------- ...

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of RMB 7.64 and a sector rating of "Outperform" [1][4]. Core Views - The company is expected to face significant pressure in the first half of 2024, with a projected net profit of RMB 680 million to RMB 780 million, representing a year-on-year decline of 45.52% to 37.51%. The adjusted net profit, excluding non-recurring gains and losses, is expected to be between RMB 550 million and RMB 650 million, down 48.74% to 39.41% year-on-year [4]. - The decline in performance is attributed to changes in photovoltaic customer demand and intensified competition, which have negatively impacted the company's overall gross margin [4]. - The company is poised to benefit from the "hardware + AI" upgrade trend, with significant growth expected in AI-enabled devices such as smartphones and PCs from 2024 to 2027. This trend is anticipated to drive demand for components like cooling systems, chargers, and displays, where the company has established expertise [4]. - New business areas, including automotive and photovoltaic sectors, present substantial growth opportunities. The global market for power battery structural components is projected to reach RMB 76.813 billion by 2025, while the micro-inverter market is expected to grow from USD 3.15 billion in 2024 to USD 7.74 billion by 2029, with a compound annual growth rate of 19.7% [4]. Financial Summary - The company's revenue for 2024 is projected to be RMB 36.737 billion, reflecting a growth rate of 7.7%. By 2025 and 2026, revenues are expected to reach RMB 45.625 billion and RMB 53.059 billion, respectively, with growth rates of 24.2% and 16.3% [5][7]. - The net profit for 2024 is estimated at RMB 2.396 billion, with a growth rate of 16.8%. This is expected to increase to RMB 3.185 billion in 2025 and RMB 4.029 billion in 2026, with growth rates of 32.9% and 26.5% [5][8]. - The diluted earnings per share (EPS) is forecasted to be RMB 0.34 in 2024, RMB 0.45 in 2025, and RMB 0.57 in 2026, with corresponding price-to-earnings (P/E) ratios of 22.3, 16.8, and 13.3 [5][8].

Investment Rating - The investment rating for the company is "Accumulate," indicating that the stock price is expected to outperform the benchmark index by 10%-20% over the next 6-12 months [4][9]. Core Views - The semiconductor business has shown significant growth, while the food business has remained stable despite market challenges [14]. - The company is expected to maintain a strong position in the semiconductor sector, with increased R&D and sales investments [15]. - The food business has demonstrated resilience, maintaining market share despite a decrease in customer demand due to consumption downgrading [15]. Financial Summary - The company's main revenue (in million RMB) is projected to grow from 2,620 in 2022 to 4,415 by 2026, with a growth rate of 27.5% in 2022 and a forecasted 14.0% in 2026 [2][5]. - EBITDA is expected to fluctuate, with a decrease from 548 in 2022 to 421 in 2023, before rising to 857 by 2026 [2][5]. - Net profit attributable to the parent company is forecasted to decline from 345 in 2022 to 236 in 2023, then recover to 595 by 2026, reflecting a growth rate of 103.0% in 2022 and a decline of 31.6% in 2023 [2][5]. - The latest diluted earnings per share (EPS) is projected to decrease from 0.85 in 2022 to 0.58 in 2023, with a recovery to 1.46 by 2026 [2][5]. - The price-to-earnings (P/E) ratio is expected to decrease from 22.8 in 2022 to 13.2 by 2026, indicating a more attractive valuation over time [2][5]. Market Context - The semiconductor market is experiencing a recovery in demand, which is expected to positively impact the company's order flow [15]. - The company is positioned to benefit from domestic substitution trends due to international restrictions on semiconductor technology exports to China [15].

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