Investment Rating - The investment rating for the company is "Buy" with a previous rating of "Buy" as well [1] Core Views - The company is expected to report a median revenue of 4.4 billion RMB for H1 2024, representing a year-over-year increase of 48%. The net profit attributable to the parent company is forecasted to be 0.93 billion RMB, indicating a turnaround from losses [3][4] - The company has maintained full capacity utilization in Q2 2024, with a utilization rate of 110%, and this high demand is expected to reflect positively in the second half of the year [3][4] - The OLED platform is progressing steadily, and the company is actively expanding its CIS production capacity [4] Summary by Sections Revenue and Profitability - The company forecasts H1 2024 revenue between 4.3 billion and 4.5 billion RMB, with a median of 4.4 billion RMB, showing a year-over-year growth of 48%. The net profit is expected to be between 0.75 billion and 1.10 billion RMB, with a median of approximately 0.93 billion RMB, indicating a return to profitability [4][5] - For Q2 2024, the revenue is projected at 2.172 billion RMB, reflecting a quarter-over-quarter decrease of 3% but a year-over-year increase of 16% [4] Capacity and Production - The company has been operating at full capacity from March to June 2024, with a utilization rate of 110%. Orders have exceeded production capacity, and prices for some products have been adjusted upwards [4][5] - The company anticipates maintaining full capacity in Q3 2024, with production expected to reflect in Q3 and Q4 results due to the typical 2-3 month lead time from wafer production to delivery [4] Product Development - The company has achieved small-scale production of its 40nm high-voltage OLED process, and the 28nm OLED process is under steady development. The automotive-grade DDIC has also begun gradual production [4] - The CIS segment has become the company's second-largest product line, with full capacity in mid-to-high-end CIS production in H1 2024. The company plans to increase its 12-inch capacity by 30,000 to 50,000 wafers per month in 2024 [4][5] Valuation - The estimated EPS for 2024, 2025, and 2026 is projected to be 0.37 RMB, 0.59 RMB, and 0.73 RMB respectively. As of July 15, 2024, the company's market capitalization is approximately 30.2 billion RMB, corresponding to PE ratios of 40.7, 25.7, and 20.6 for the respective years [4][5]

Investment Rating - The report rates the real estate industry as "Outperform" [1][14] Core Viewpoints - In June 2024, the new home prices in 70 major cities decreased by 0.7% month-on-month, while the second-hand home prices fell by 0.9%. The number of cities with declining prices has decreased, indicating a potential stabilization in the market [1][6] - The decline in new home prices has persisted for 13 months, and the second-hand home prices have been falling for 14 months. This downtrend has lasted longer than the previous cycle in 2014 [1][5] - The report suggests that while the current price declines may continue for some time, the extent of the decline is nearing its bottom. A recovery in prices may take longer compared to the rapid rebound seen in 2014 [1][5] Summary by Sections Price Trends - In June 2024, 64 out of 70 cities saw new home prices decline, a reduction of 4 cities from May. The average decline in new home prices was 0.75% [1][6] - For second-hand homes, 66 cities experienced price drops, also a decrease of 4 cities from the previous month, with an average decline of 0.92% [1][6] First-tier Cities - New home prices in first-tier cities fell by 0.5%, with Shanghai being the only city to see an increase of 0.4% [1][5] - Second-hand home prices in first-tier cities decreased by 0.4%, with Beijing and Shanghai showing slight increases of 0.2% and 0.5%, respectively [1][5] Second-tier Cities - New home prices in second-tier cities decreased by 0.7%, with only Xi'an showing a slight increase of 0.2% [1][5] - Second-hand home prices in these cities fell by 0.9%, but cities like Nanjing and Hangzhou saw slight increases [1][5] Third-tier Cities - New home prices in third-tier cities decreased by 0.6%, with most cities experiencing declines [1][5] - Second-hand home prices in third-tier cities fell by 0.9%, with all cities showing negative growth [1][5] Investment Recommendations - The report suggests focusing on companies with no liquidity risk and strong fundamentals, such as China Merchants Shekou, China Resources Land, and Poly Developments [1][5] - It also highlights companies expected to improve significantly post-policy easing, like Gemdale and Vanke [1][5] - Real estate brokerage firms benefiting from increased second-hand home transactions, such as Beike and I Love My Home, are also recommended [1][5]

房地产 | 证券研究报告 — 行业点评 2024 年 7 月 15 日 强于大市 房地产行业 2024 年 6 月统 计局数据点评 6 月销售降幅持续改善;开工与投资单月降幅虽 收窄,但仍然低迷 国家统计局发布 2024 年 1-6 月份全国房地产开发投资和销售情况。6 月销售面积 1.13 亿平,同 比增速-14.5%(前值:-20.7%);开发投资金额 1.19 万亿元,同比增速-10.1%(前值:-11.0%); 新开工面积 7933 万平,同比增速-21.7%(前值:-22.7%)。 统计局披露同比增速说明:投资、销售等指标的增速均按可比口径计算。报告期数据与上年已公 布的同期数据之间存在不可比因素,不能直接相比计算增速。1)自 2023 年 3 月开始,统计局销 售与投资等指标口径调整,剔除退房、非房地产开发性质的项目投资以及具有抵押性质的销售 数据。2)自 2024 年 1-2 月开始,统计局进一步明确房地产开发统计界定标准,将符合房地产开 发统计标准的项目纳入统计范围,剔除单纯一级土地开发等非房地产开发项目。以下报告中销 售与投资相关数值均使用本次统计局直接公布的同比增速。 核心观点 1. 商品 ...

电子 | 证券研究报告 — 调整盈利预测 2024 年 7 月 15 日 688041.SH 买入 原评级:买入 市场价格:人民币 70.59 板块评级:强于大市 股价表现 (37%) (27%) (17%) (7%) 2% 12% Jul-23Aug-23Sep-23Oct-23Nov-23Dec-23Jan-24Mar-24Apr-24May-24Jun-24Jul-24 海光信息 上证综指 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 (2.4) (0.5) (9.5) (5.8) 相对上证综指 (2.8) 1.7 (7.9) 1.2 | --- | --- | |--------------------------|------------| | 发行股数 (百万) | 2,324.34 | | 流通股 (百万) | 880.56 | | 总市值 (人民币 百万) | 164,075.03 | | 3 个月日均交易额 (人民币 | 1,100.34 | | 主要股东 | | | 曙光信息产业股份有限公司 | 27.96 | | 资料来源:公司公告,Wind | | 以 2024 年 7 月 ...

电子 | 证券研究报告 — 调整盈利预测 2024 年 7 月 15 日 增持 原评级：增持 市场价格:人民币 15.40 板块评级:强于大市 | --- | --- | --- | |-------------------------------|------------|----------| | | | | | 发行股数 ( 百万 ) | | 409.02 | | 流通股 ( 百万 ) | | 180.49 | | 总市值 ( 人民币 百万 ) | | 6,298.93 | | 3 个月日均交易额 ( 人民币 | 百万 ) | 65.86 | | 主要股东 | | | | 恒丰有限公司 | | 54.57 | | 资料来源：公司公告， Wind | ，中银证券 | | 联系人：茅珈恺 jiakai.mao@bocichina.com 一般证券业务证书编号：S1300123050016 2024Q2 营收同比增长显著，DDIC 行业供需情况 改善 支撑评级的要点 | --- | --- | --- | --- | --- | --- | |--------------------------------- ...

Investment Rating - The report maintains an "Outperform" rating for the industry [3]. Core Viewpoints - The retirement wave of power batteries is approaching, and the battery recycling industry is expected to grow rapidly. Companies that prioritize battery recycling are likely to benefit [3]. - The white list is promoting the standardized development of the industry, and the industry structure is expected to be reshaped [3]. - The recycling technology routes are becoming clearer, and the industrialization of recycling is continuously developing [3]. - The pricing model for battery recycling is undergoing changes, which is expected to stabilize the profitability of recycling companies [3]. Summary by Relevant Sections Battery Retirement and Recycling Market Growth - The retirement of power batteries is anticipated to surge, with an expected retirement volume of 20.2 GWh in 2024, a year-on-year increase of 48.53%. The number of retired electric vehicles is projected to reach 402,900, up 46.56% year-on-year [3][23]. - By 2030, the retired batteries and new energy vehicles are expected to reach 148.7 GWh and 2.9891 million units, respectively, with annual compound growth rates of 37.64% and 38.11% from 2025 to 2030 [3][23]. Industry Standardization and White List Impact - The number of companies on the white list has increased from 5 in the first batch to 68 in the fifth batch, totaling 156 companies. These companies are expected to drive the standardized development of the industry [3][10]. - Collaboration among various stakeholders in battery recycling is likely to reduce communication costs and enrich recycling channels, leading to a reshaped industry structure [3][10]. Recycling Technology and Economic Viability - The main recycling methods for lithium batteries include cascade utilization and dismantling recycling. The focus is shifting towards dismantling recycling, which is becoming a significant development direction [3][10]. - The recycling process can be categorized into pyrometallurgical and hydrometallurgical methods, with hydrometallurgical methods currently being the primary technology route for domestic recycling companies [3][10]. - The recycling market is projected to exceed 10 billion yuan by 2029, with an annual compound growth rate of nearly 40% from 2023 to 2030 [3][25]. Investment Recommendations - Companies with first-mover advantages, such as CATL, Greeenme, and Huayou Cobalt, are recommended for investment. Attention is also suggested for Zhongwei Co. and Guanghua Technology [3].

强于大市 加沙停火谈判扰动集运远期价格,上半年快递 业务量和收入同比实现两位数增长 航运方面,加沙停火谈判一波三折,集运远期价格大幅下跌。航空方面,民 航上半年国内客运规模超过 2019 年同期,民航客运中的国际航线快速恢 复。快递物流方面, 2024 年 6 月快递发展指数同比提升 18.4%,上半年快 递业务量和收入同比实现两位数增长。 核心观点: ①加沙停火谈判一波三折,集运远期价格大幅下跌。据新华社报道,7 月 11 日,在卡塔尔首都多哈举行的新一轮加沙停火谈判没有取得突 破,与此同时,以军继续在加沙地带全境推进攻势,施压巴勒斯坦伊斯 兰抵抗运动(哈马斯)。另一方面,7 月 12 日,欧线集运期货多个合约 大跌,到当天下午收盘时,欧线集运 2412、欧线集运 2502、欧线集运 2504、欧线集运 2506 跌幅均超过 11%。其中,欧线集运 2502 全天跌幅 最大,下跌 16.05%。我们认为,短期加沙停火谈判的进展将持续扰动 集运远期价格,中长期随着港口拥堵缓解以及集运运力投放,集运运价 或有回落风险。②民航上半年国内客运规模超过 2019 年同期,民航客 运中的国际航线快速恢复。根据民航局数据 ...

电子 | 证券研究报告 — 调整盈利预测 2024 年 7 月 15 日 002463.SZ 买入 原评级:买入 市场价格:人民币 40.25 板块评级:强于大市 股价表现 (27%) (2%) 23% 48% 73% 98% Jul-23Aug-23Sep-23Oct-23Nov-23Dec-23Jan-24Feb-24Apr-24May-24Jun-24Jul-24 沪电股份 深圳成指 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 82.8 22.3 33.1 90.0 相对深圳成指 88.6 26.8 37.2 109.0 | --- | |-----------| | 1,913.51 | | 1,912.31 | | 77,018.93 | | 1,415.37 | | | | 19.44 | | | 以 2024 年 7 月 12 日收市价为标准 相关研究报告 《沪电股份》20240326 《沪电股份》20230828 《沪电股份》20200326 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 ...

重点关注 【宏观经济】上半年进出口数据点评—美制造业补库在我国出口结构上得到验证 陈琦 朱启兵 出口同比增速延续改善。7 月 12 日，海关总署公布数据显示，以美元计价，上半年我国出口同比增长 3.6%，延续正 增长，增速较 1-5 月加快 0.9 个百分点；进口同比增长 2.0%，增幅较 1-5 月收窄 0.9 个百分点；贸易顺差实现 4349.9 亿美元。以人民币计价，上半年我国出口同比增长 6.9%，增幅较 1-5 月加快 0.8 个百分点；进口同比增长 5.2%，增幅 较 1-5 月收窄 1.2 个百分点；贸易顺差实现 30908.5 亿元。 单月数据方面，以美元计价，6 月我国出口同比增长 8.6%，增速延续改善，较上月加快 1.0 个百分点；进口同比下滑 2.3%，增速较上月转负，并下滑 4.1 个百分点；贸易顺差 990.5 亿美元，较上月继续增加 164.3 亿美元。 主要贸易对手对出口同比增速的贡献延续回升。分国别看，6 月当月，我国对东盟进出口总额实现 822.5 亿美元，占比 15.9%，东盟仍是我国第一大贸易伙伴，其中，出口同比增长 15.0%，增幅较上月收窄 7.5 个百分点；进口同 ...

强于大市 社会服务行业双周报 暑期出行旺季已至,入境游便利度持续优化 前两交易周(2024.07.01-2024.07.12)社会服务板块上涨 0.53%,在申万一级 31 个行业排名中位列第 11。社会服务板块跑赢沪深 300 指数 0.22pct。暑期 到来后,暑假有望刺激学生群体的出行意愿,在此基础下,文旅出行客群进 一步扩张,旺季的到来有望利好旅游、餐饮及酒店相关产业链,我们维持行 业强于大市评级。 市场回顾&行业动态数据 前两交易周社会服务板块上涨 0.53%,社会服务子板块及旅游零售板块中 4 个上涨,涨跌幅由高到低分别为:旅游零售(+8.42%)、专业服务 (+3.35%)、旅游及景区(+2.74%)、酒店餐饮(+1.37%)、教育(-6.95%)。 北上资金方面,前两交易周北上资金增持首旅酒店 0.18pct 至 1.25%,增 持中青旅 0.17pct 至 0.64%,增持中国中免 0.02pct 至 4.60%,减持宋城演 艺 0.13pct 至 1.66%,增持锦江酒店 0.19pct 至 2.48%的持股比例。 据航班管家,7.01-7.07 全国民航执行客运航班量 112016 架次 ...