[Table_Title] 研究报告 Research Report 22 Sep 2024 中国能源 China (Overseas) Energy 传统能源格局在 AI 人工智能推动下有望迎来新转型，核能重要性日益凸显 Traditional Energy Landscape Poised for Transformation by AI, with Nuclear Energy Gaining Prominence 杨斌 Bin Yang 毛琼佩 Olivia Mao 邓雅文 Linda Deng bin.yang@htisec.com olivia.qp.mao@htisec.com linda.yw.deng@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 核心观点： AI 人工智能发展是长期确定性趋势，进程预计将持续加速。据 Statista 预测，全球 AI 市场规模在 2024 年将达到 2,982.5 亿美元，并预计将以 35.5 ...

宏观研究 证券研究报告 [Table_MainInfo] Amber Zhou amber.lh.zhou@htisec.com 宏观周报 基建边际改善 ——国内高频指标跟踪（2024 年第 36 期） [Table_Summary] 投资要点： 基建边际改善，地产和出口受节假日错位、天气等原因有扰动。消费方面， 汽车消费因以旧换新政策刺激而持续改善，但非耐用品消费需求较弱。服务 消费虽有季节性回升，但整体仍低于往年。投资方面，专项债发行进度明显 加快，基建资金加速投放或对后续基建投资有支撑，地产销售因中秋假期错 位影响出现逆季节性回落，同比跌幅短期小幅扩大。进出口方面，受台风和 海外需求回落影响，港口数据偏弱，出口或承压。生产领域，钢材生产持续 改善，煤电需求强劲，石化和氯碱行业开工率有所提升。库存方面，钢材去 库速度较快，而秦皇岛港煤炭库存虽小幅回升，但补库速度慢于往年。物价 方面，蔬菜价格持续上涨，猪肉价格小幅回落，整体食品价格维持高位。流 动性方面，资金利率回升，央行净投放资金以对冲季末缴税影响，美元指数 震荡下行。 风险提示：外需超预期回落，稳增长政策不及预期。 请务必阅读正文之后的信息披露和法律声 ...

Lin Yang lin.yang@htisec.com Liang Song I.song@htisec.com [Table_MainInfo] 公司研究/信息服务/软件 证券研究报告 卫宁健康（300253）公司跟踪报告 [Table_InvestInfo] 互联网医疗健康业务增长显著， 利润端改善明显 [Table_Summary] 投资要点： 聚焦主业，聚焦优势业务领域。公司 2024 年上半年实现营业收入 12.24 亿元， 同比增长 2.68%；归母净利润 0.30 亿元，同比增长 81.83%；扣非归母净利润 0.21 亿元，同比增长 147.62%。分业务来看，医疗卫生信息化业务收入 10.46 亿元，同比下降 2.12%，其中：核心产品软件销售及技术服务业务收入同比 增长 1.83%；硬件销售业务收入同比下降 21.18%。互联网医疗健康业务收入 1.78 亿元，同比增长 44.25%。2024 年上半年，公司继续坚持"聚焦主业、聚 焦优势业务领域"，加大优势业务开拓力度，提升公司产品交付效率与项目管 理水平，合理控制人员及成本费用支出规模，加强应收款项催收，较好地完 成了上半年各项工作任 ...

[Table_MainInfo] 行业研究/信息服务 证券研究报告 行业深度报告 [Table_InvestInfo] 24H1&24Q2 行业营收上行、利润承压， 政策驱动下静待行业复苏 [Table_Summary] 投资要点： 2024H1&2024Q2，营收复苏，利润承压。①2024H1 计算机行业总营收 5397.98 亿元，同比+7.73%；归母净利润 89.25 亿元，同比-43.30%；扣非净利润 47.09 亿元，同比-36.86%。2024H1 计算机员工总数为 117.81 万人，同比+0.13%。2024Q2 计算机行业总营收 3006.40 亿元，同比+9.19%；归母净利润 86.61 亿元，同比 -18.11%；扣非净利润 67.75 亿元，同比-14.57%。2024H1 和 2024Q2 计算机板块 营收端呈现恢复态势，但是利润端呈下降趋势，而员工人数整体维持稳定。② 业绩增速分布上，24H1 营收正增速占比为 54.94%，24Q2 营收正增速占比为 52.00%，营收正增速公司出现下滑，24H1 与 24Q2 公司数最多的区间[0%，20%]； 24H1 归母净利润正增速 ...

[Table_Title] 研究报告 Research Report 22 Sep 2024 中国能源 China (Overseas) Energy 传统能源格局在 AI 人工智能推动下有望迎来新转型，核能重要性日益凸显 Traditional Energy Landscape Poised for Transformation by AI, with Nuclear Energy Gaining Prominence 杨斌 Bin Yang 毛琼佩 Olivia Mao 邓雅文 Linda Deng bin.yang@htisec.com olivia.qp.mao@htisec.com linda.yw.deng@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 核心观点： AI 人工智能发展是长期确定性趋势，进程预计将持续加速。据 Statista 预测，全球 AI 市场规模在 2024 年将达到 2,982.5 亿美元，并预计将以 35.5 ...

[Table_Title] 研究报告 Research Report 20 Sep 2024 中国能源 China (A-share) Energy 8 月规上工业发电量同增 5.8%，美国 73 亿美元支持农村清洁能源发展 Above Designated Size Industrial Power Generation Increased by 5.8% Year-On-Year in August, $7.3 Billion in U.S. Support for Rural Clean Energy Development [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 核心观点： 杨斌 Bin Yang 余小龙 Bruce Yu 毛琼佩 Olivia Mao bin.yang@htisec.com bruce.xl.yu@htisec.com olivia.qp.mao@htisec.com 中国：1）天然气：本周期中国 LNG 到岸价及市场价较前一周下跌。2 ...

Investment Rating - The report indicates a positive outlook for the new energy sector in the short term due to the Federal Reserve's unexpected rate cut, while maintaining optimism towards natural gas and nuclear power in the long term [1][8]. Core Insights - The Federal Reserve's decision to cut the federal funds rate by 50 basis points is expected to lower project financing costs and enhance the returns on photovoltaic and energy storage projects, benefiting the development of new energy projects [1][8]. - The report highlights that the rate cut will stimulate installation demand for photovoltaic and wind power by reducing financing costs, with significant growth expected in new installations for both sectors in 2024 [2][9]. - Long-term challenges for the new energy sector include an aging power grid and a backlog of nearly 2600GW of energy waiting to be connected, which may limit future development [10]. Photovoltaic and Wind Power - The report notes that the U.S. photovoltaic installation capacity reached 32.4GW in 2023, a 51% year-on-year increase, with expectations of 43.3GW in new installations for 2024, representing a 34% increase [2][9]. - For wind power, 1.97GW of new installations were added in the first half of 2024, with an anticipated total of 8.2GW for the year, marking a 13.9% increase [2][9]. Energy Storage - The report emphasizes that the rate cut will improve the internal rate of return for large-scale energy storage projects, with expectations of 11.1GW/31.6GWh of new installations in 2024 and a cumulative addition of 62.6GW/219GWh from 2024 to 2028 [9][10]. - The significant growth in energy storage installations is attributed to the 2022 IRA policy, which allows independent energy storage to enjoy tax credits [9]. Traditional Energy - The rapid growth of data centers in the U.S. is leading to increased demand for traditional energy sources, particularly natural gas and nuclear power, with natural gas generation's share rising from 37% in 2021 to 42% in 2023 [11][12]. - The report highlights the importance of nuclear power in meeting the stability requirements of data centers, with the federal government providing loans to restart closed nuclear facilities [11][12]. Investment Recommendations - The report suggests focusing on companies involved in AI data center equipment and construction, power grid equipment, and suppliers of natural gas and nuclear power [13].

Investment Rating - The report gives the company an "Outperform" rating for the first coverage, with a target price of RMB 64.98 based on a 2024 PE of 42x [4][14]. Core Insights - Short-term performance is under pressure, with H1 2024 revenue at approximately RMB 522 million, down 15.65% YoY, and net profit attributable to shareholders at RMB 113 million, down 34.73% YoY [11][12]. - The company is maintaining its investment levels despite declining revenue, focusing on future market and technology layouts, as evidenced by increased sales and R&D expense ratios [11][12]. - The company has completed a full product line layout in hardware and software, including new products like intelligent code readers and a cloud-based deep learning visual platform [12][13]. - There is a continued expansion in overseas markets, with increased investments in regions like Vietnam and India, and the establishment of R&D centers in Europe and Japan [12][13]. Financial Summary - Revenue for 2024 is projected to be RMB 994 million, with expected growth rates of 5.35%, 21.44%, and 26.86% for 2024, 2025, and 2026 respectively [4][14]. - The company’s EPS is forecasted to be RMB 1.55, RMB 1.91, and RMB 2.43 for 2024, 2025, and 2026 respectively [4][14]. - The gross margin is expected to remain stable around 64% over the forecast period [9][14]. Market Opportunities - There are significant domestic substitution opportunities in the machine vision sector, particularly in software where localization is still developing [13]. - The company is well-positioned to benefit from the domestic substitution process due to its self-developed technology and industry leadership [13].

Investment Rating - The report gives the company an "Outperform" rating for the first coverage, with a target price of RMB 64.98 based on a 2024 PE of 42x [4][14]. Core Viewpoints - Short-term performance is under pressure, with a revenue decline of 15.65% YoY to approximately RMB 522 million in H1 2024, and a net profit decrease of 34.73% YoY to about RMB 113 million [11][4]. - Despite the revenue decline, the company is increasing its investment in sales and R&D, indicating a focus on future market and technology development [11][4]. - The company has completed a full product line layout in hardware and software, including new products like intelligent code readers and a cloud-based deep learning visual platform [12][11]. - The company is expanding its overseas presence, establishing offices in Vietnam and India, and has nearly 200 technical support personnel overseas [12][11]. Financial Summary - Revenue for 2024 is projected to be RMB 994 million, with expected growth rates of 5.35%, 21.44%, and 26.86% for 2024, 2025, and 2026 respectively [4][14]. - The net profit for 2024 is expected to be RMB 189 million, with EPS projected at RMB 1.55 [4][14]. - The company’s gross margin is expected to remain stable around 64% over the next few years [9][4]. Market Opportunities - There are significant domestic substitution opportunities in the machine vision sector, particularly in software where localization is still developing [13][2]. - The company is well-positioned to benefit from the ongoing domestic substitution process due to its self-developed technology and industry leadership [13][2].

| --- | --- | |--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | [Table_MainInfo] | 行业研究 / 旅游服务业 \n行业信息点评 ...