Investment Rating - The investment rating for the media industry is "Outperform the Market" (maintained) [6][10]. Core Viewpoints - The report indicates that after the mid-year report, the fundamentals of various sub-sectors in the media industry are gradually bottoming out. It emphasizes the importance of focusing on the content supply cycle [3][6]. - The report recommends the gaming sector, which is at historical low valuations, has improving product cycles, and increasing attention. It also suggests high-dividend stocks in the marketing and publishing sectors, while continuing to monitor the supply and fundamental improvements in the film and television sector after the third quarter [3][6]. Summary by Relevant Sections Overall Industry Performance - In the first half of 2024, A-share media companies achieved operating revenue of 265.3 billion yuan, a year-on-year increase of 2%. However, the net profit attributable to shareholders decreased by 33% to 16 billion yuan [6][7]. Gaming Sector - The gaming sector shows an upward trend in industry prosperity, with total revenue of 147.27 billion yuan in 2024, a year-on-year increase of 2.08%. The top companies in the gaming sector have achieved synchronized growth in revenue and profit [6][7]. - Key recommended companies include JiBit, Kaiying Network, and Giant Network, with a focus on companies benefiting from stable core products and new game launches [3][6]. Film and Television Sector - The film market was subdued in the first half of 2024, with total box office revenue of 23.77 billion yuan, a year-on-year decrease. The report highlights the need to pay attention to the scheduling of major content releases [6][7]. - Companies like Mango Super Media and Light Media are noted for their resilience and growth driven by quality content supply [3][6]. Marketing Sector - The advertising market is showing signs of recovery, with a year-on-year growth of 2.7%. The report notes that outdoor advertising channels have shown resilience, while other channels have seen a decline in spending [6][7]. - The marketing sector's leading company, Focus Media, achieved revenue and net profit growth of 8% and 12%, respectively [6][7]. Publishing Sector - The publishing sector remains stable with a total revenue of 69.1 billion yuan in the first half of 2024, a year-on-year increase of 1%. The net profit attributable to shareholders decreased by 21% [6][7]. - The report emphasizes the importance of cash reserves and dividend willingness among strong publishing companies [3][6].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [4] Core Views - The company reported a decline in revenue and net profit for the first half of 2024, with revenue at 2.921 billion yuan, down 19.3% year-on-year, and net profit at 385 million yuan, down 10.0% year-on-year [5][6] - The significant drop in revenue in Q2 2024, which was 1.308 billion yuan, represents a 28.9% year-on-year decline, indicating a substantial decrease in market demand [5] - Despite short-term performance pressures, the company is actively expanding its market presence, with operating expenses rising by 26.45% year-on-year, reflecting confidence in future growth [5] - The company aims for a revenue growth of over 38.20% in the second half of 2024 to meet its annual financial targets, projecting a total revenue of 6.5 billion yuan for the year [5] - The company is focusing on the aerospace connector sector, with projected revenues for 2024-2026 expected to grow at rates of 5.21%, 25.08%, and 24.19% respectively [5][6] Financial Data Summary - For 2024, the company expects revenues of 6.534 billion yuan, with a growth rate of 5.21% [6] - The projected net profit for 2024 is 789 million yuan, with a growth rate of 5.18% [6] - The company's earnings per share (EPS) is projected to be 1.73 yuan for 2024, with a price-to-earnings (P/E) ratio of 26.8 [6] - The company has a current market capitalization of approximately 20.93 billion yuan [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company continues to face pressure on overall revenue, but there is optimism regarding domestic equipment upgrades and overseas market demand. The company is expected to see growth in road machinery products and improved operational efficiency from the implementation of smart manufacturing factories. Revenue projections for 2024-2026 are estimated at 77.29 billion, 86.15 billion, and 98.88 billion yuan, with net profits of 5.68 billion, 6.54 billion, and 8.16 billion yuan respectively, reflecting a CAGR of 21.68% [2][7] Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 39.06 billion yuan, a year-on-year decrease of 2.16%, while net profit rose by 4.8% to 3.573 billion yuan. In Q2 2024, revenue was 21.23 billion yuan, down 3.16% year-on-year, with net profit increasing by 5.28% to 1.993 billion yuan [7] - Revenue breakdown by product shows concrete machinery at 7.96 billion yuan (-5.22%), excavators at 15.21 billion yuan (+0.43%), and road machinery at 1.58 billion yuan (+15.74%). Domestic revenue was 14.29 billion yuan (-11.68%), while international revenue was 23.54 billion yuan (+4.79%), with overseas sales accounting for 62.23% of total revenue [7] Profitability - The company's gross margin and net margin for H1 2024 were 28.24% and 9.42%, respectively, showing increases of 0.03% and 0.57 percentage points year-on-year. The gross margins for various segments were as follows: concrete machinery 22.16%, excavators 34.19%, and road machinery 29.19% [7] - The company’s profitability is expected to improve due to growth in overseas sales and cost reduction measures. The outlook for road machinery and the rollout of smart manufacturing factories is anticipated to enhance operational efficiency [7] Future Projections - Revenue forecasts for 2024-2026 are 77.29 billion, 86.15 billion, and 98.88 billion yuan, with net profits projected at 5.68 billion, 6.54 billion, and 8.16 billion yuan, respectively. The expected EPS for the same period is 0.67, 0.77, and 0.96 yuan per share [2][7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company reported a revenue of 10.94 billion yuan in the first half of 2024, a year-on-year increase of 1.19%, while the net profit attributable to shareholders was 503 million yuan, down 2.05% year-on-year [10][11] - The gross margin for the first half of 2024 was 34.32%, an increase of 1.59 percentage points year-on-year, with specific segments showing improvements: Western and Chinese medicine gross margin at 32.21% (up 2.18pp), Chinese medicine at 50.10% (up 0.81pp), and non-pharmaceuticals at 39.77% (up 1.18pp) [11][12] Financial Performance - The company achieved a revenue of 10.94 billion yuan in H1 2024, with a net profit of 503 million yuan [10] - The gross margin increased to 34.32% in H1 2024, compared to the previous year [11] - The company’s total shares are 760.23 million, with a circulating market value of approximately 10.23 billion yuan [6] Store Expansion and Management - As of June 2024, the company had 14,969 stores, including 9,923 direct-operated and 5,046 franchised stores, with 1,625 new stores added in H1 2024 [11] - The company is actively pursuing outpatient coordination qualifications for its stores, with 5,028 stores having obtained such qualifications by June 2024 [11] Business Model and Partnerships - The company is a leader in the franchise business within the industry, focusing on lower-tier markets, achieving a distribution sales volume of approximately 1.08 billion yuan in H1 2024 [11] - The alliance business has also seen significant growth, with a 92.4% year-on-year increase in distribution sales volume to approximately 18 million yuan [11] Earnings Forecast and Valuation - The company’s projected revenues for 2024-2026 are 23.36 billion, 25.70 billion, and 29.19 billion yuan, with corresponding growth rates of 4.10%, 10.05%, and 13.56% [12] - The net profit attributable to shareholders is expected to be 979 million, 1.13 billion, and 1.35 billion yuan for the same period, with growth rates of 5.35%, 15.92%, and 18.66% respectively [12]

Investment Rating - The report assigns a "Buy" rating for the company, marking it as the first rating given [4]. Core Insights - The company reported a revenue of 410 million yuan for the first half of 2024, representing a year-over-year increase of 41.4%. The net profit attributable to the parent company was 1 million yuan, indicating a turnaround from losses, while the non-recurring net profit was a loss of 5 million yuan, showing a narrowing of losses compared to the previous year [2][6]. - In the second quarter of 2024, the company achieved a revenue of 220 million yuan, up 31.2% year-over-year and 14.7% quarter-over-quarter. The net profit attributable to the parent company was 9 million yuan, and the non-recurring net profit was 6 million yuan, marking the first quarterly profit since 2023 [2][6]. - The recovery in electronic fabric prices has contributed to improved revenue and a return to profitability. The company possesses leading global manufacturing capabilities in high-end electronic fabrics, and the launch of the Huangshi Honghe project has enhanced its self-supply capacity for ultra-fine yarn, strengthening its competitive position [2][6]. Financial Performance Summary - For the first half of 2024, the company sold 100 million meters of electronic fabric, a year-over-year increase of 38.8%, with a sales rate of 106%. In the second quarter, sales reached 52.61 million meters, up 19.1% year-over-year and 8.6% quarter-over-quarter [6]. - The average price of electronic fabric in the first half of 2024 was 3.7 yuan/meter, down 2.6% year-over-year. In the second quarter, the average price remained at 3.7 yuan/meter, showing a year-over-year increase of 1.9% [6]. - The gross profit margin for the first half of 2024 was 15.1%, up 5.6 percentage points year-over-year, while the second quarter gross profit margin was 17.7%, up 13.3 percentage points year-over-year [6]. - The company forecasts revenues of 800 million, 970 million, and 1.18 billion yuan for 2024, 2025, and 2026, respectively, with year-over-year growth rates of 21.1% for each year. The net profit attributable to the parent company is expected to be 20 million, 50 million, and 120 million yuan for the same years, with significant growth rates of 134.1%, 124.7%, and 144.5% [6][7].

Investment Rating - The report suggests a "Buy" rating for the semiconductor industry, particularly focusing on the hybrid bonding technology and its potential impact on the market [11]. Core Insights - The transition from wire bonding to flip chip represents an evolution from traditional packaging to advanced packaging, with hybrid bonding emerging as a key technology due to its ability to achieve extremely fine pitch and high connection density [10][14]. - Hybrid bonding can achieve a pitch of 0.5-0.1μm and a connection density of 10K-1MM/mm², significantly surpassing previous bonding technologies [16]. - The HBM4 generation of products is expected to incorporate hybrid bonding technology to increase the number of stacked layers, potentially reaching 12Hi/16Hi configurations [25]. Summary by Sections Hybrid Bonding as a Key Technology - The bonding method is crucial for chip performance, with hybrid bonding allowing for direct electrical contact without bumps or solder, enhancing connection density [14][16]. - The market for D2W hybrid bonding equipment is projected to grow from $6 million in 2020 to $232 million by 2027, with a CAGR of 69%, indicating strong growth potential [22]. HBM4 and Hybrid Bonding Technology - HBM3/HBM3E currently uses bump interconnection, while HBM4 is anticipated to adopt hybrid bonding to reduce the height of gaps between stacked memory chips [25]. - Samsung has successfully manufactured a 16-layer stacked HBM3 memory using hybrid bonding technology, indicating readiness for future mass production [25]. Investment Recommendations - The report recommends focusing on the computing power supply chain due to the rapid development of AI applications, which is expected to drive demand for HBM [11][26]. - Attention is also advised for the recovery of consumer electronics and the introduction of AI hardware products, which could boost sales in the sector [27]. - The semiconductor economic cycle is expected to rebound in 2024, suggesting investment opportunities in domestic IC manufacturing [28].

证券研究报告 非金融公司|公司点评|顺丰控股（002352） 深化高质量经营，Q2 业绩同增 18% glzqdatemark1 证券研究报告 |报告要点 公司发布 2024 年半年报。20242024H1，公司实现营收 1344.10 亿元，同比增长 8.08%，实现 归母净利润 48.07 亿元，同比增长 15.10%。其中 2024Q2 公司实现营收 690.69 亿元，同比增 长 9.08%，实现归母净利润 28.95 亿元，同比增长 17.87%。 |分析师及联系人 SAC：S0590522120002 李蔚 李天琛 请务必阅读报告末页的重要声明 1 / 5 顺丰控股(002352) 深化高质量经营，Q2 业绩同增 18% 股价相对走势 -30% -17% -3% 10% 2023/9 2023/12 2024/4 2024/8 顺丰控股 沪深300 相关报告 1、《顺丰控股（002352）：经营提质增效，分 红率有望持续提升》2024.03.28 2、《顺丰控股（002352）：Q3 单价同环比双 升，业绩保持稳健增长》2023.10.31 扫码查看更多 事件 公司发布 2024 年半年报。202 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [7][10] Core Views - Since the weakening of the real estate environment in 2022, the company's quarterly revenue growth has never been below 7%, mostly remaining in double digits. Profit performance has been even more outstanding, with digitalization and cost reduction contributing to continuous improvement in gross and net profit margins for seven consecutive quarters since Q4 2022. Despite a weak environment, the company's operational strength is robust, outperforming expectations [3][10]. Summary by Relevant Sections Financial Performance - In H1 2024, the company achieved revenue of 8.386 billion, a year-on-year increase of 10.45%, and a net profit attributable to shareholders of 2.239 billion, up 22.88%. In Q2 2024, revenue was 4.583 billion, a year-on-year increase of 7.64%, with a net profit of 1.309 billion, up 20.58% [10][11]. - The company’s gross margin improved in Q2, with a year-on-year increase of 0.4 percentage points. The company demonstrated strong raw material price-locking capabilities, maintaining gross margin improvement despite a high base in the same period [10][14]. Business Segments - The converter business remained stable, with a year-on-year revenue growth of 5%. The company launched electric tools in the domestic market, expected to contribute incrementally. The smart electrical lighting business saw a year-on-year revenue increase of 12%, although growth slowed in Q2 due to its high correlation with real estate [10][11]. - The new energy business maintained high growth, with a year-on-year increase of 120% to 290 million, accounting for 3% of total revenue [10][11]. Future Outlook - The company is expected to achieve revenues of 17.3 billion, 19.3 billion, and 21.5 billion in 2024, 2025, and 2026, respectively, with year-on-year growth rates of 10%, 12%, and 12%. Net profits attributable to shareholders are projected to be 4.5 billion, 4.9 billion, and 5.6 billion for the same years, with corresponding PE ratios of 20, 18, and 16 [10][11].

证券研究报告 非金融公司|公司点评|中联重科（000157） 2024 年半年报点评： 营收小幅增长，海外收入持续高增 glzqdatemark1 证券研究报告 |报告要点 2024H1 国内工程机械行业仍承压，我们仍看好国内设备更新及海外市场需求，看好公司土方 机械及农用机械等产品放量，我们预计公司 2024-2026 年营收分别为 526.62/598.71/683.26 亿元，归母净利润分别为44.75/52.24/62.87亿元，CAGR为21.49%。EPS分别为0.52/0.60/0.72 元/股,考虑到国内工程机械行业景气度有望逐步回暖；多元化产品有望为公司带来海外业务 增量，维持"买入"评级。 |分析师及联系人 田伊依 SAC：S0590524070001 请务必阅读报告末页的重要声明 1 / 5 中联重科(000157) 2024 年半年报点评： 营收小幅增长，海外收入持续高增 事件 股价相对走势 -20% 3% 27% 50% 2023/8 2023/12 2024/4 2024/8 中联重科 沪深300 相关报告 1、《中联重科（000157）：多元化产品及海外 差异化布局构筑核心竞争力 ...

证券研究报告 金融公司|公司点评|中金公司（601995） 业绩短期有所承压，投资下滑为主要拖累 glzqdatemark1 证券研究报告 |报告要点 中金公司发布 2024 半年报，2024H1 公司累计实现营业收入 89.1 亿，yoy-28%；归母净利润 22.3 亿，yoy-37%；加权平均 ROE 2.12%，较去年同期减少 1.67pct。其中 2024Q2 实现营收 50.4 亿元，yoy-19%/qoq+30%;归母净利润 9.9 亿元，yoy-24%/qoq-20%。 |分析师及联系人 SAC：S0590522100001 刘雨辰 耿张逸 请务必阅读报告末页的重要声明 1 / 6 中金公司(601995) 业绩短期有所承压，投资下滑为主要拖累 股价相对走势 -40% -23% -7% 10% 2023/8 2023/12 2024/4 2024/8 中金公司 沪深300 相关报告 1、《中金公司（601995）：投行业务阶段承压， 投资波动拖累业绩》2024.05.09 2、《中金公司（601995）：衍生品业务稳步扩 张，费类业务有所承压》2024.04.01 扫码查看更多 事件 中金公司 ...