Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company has reported rapid revenue growth, with a 36.88% year-on-year increase in revenue to 796 million yuan in the first half of 2024, and a 38.18% increase in net profit to 185 million yuan [2][3] - The revenue from inductive components has seen a significant quarter-on-quarter growth of 138.92%, contributing to 24.5% of total revenue [3] - The company continues to receive recognition from major semiconductor manufacturers for its chip inductors and has entered the supplier lists of several global firms [3] - The company is investing heavily in R&D for new products, including inductors suitable for AI server power circuits, which have begun small-scale production [3] - The sales revenue from metal soft magnetic powder cores has grown steadily, with a 7.03% year-on-year increase to 586 million yuan in the first half of 2024 [3] Financial Summary - The company’s projected revenues for 2024, 2025, and 2026 are 1.793 billion yuan, 2.324 billion yuan, and 2.900 billion yuan respectively, with corresponding net profits of 406 million yuan, 529 million yuan, and 655 million yuan [3][7] - The average annual compound growth rate of net profit from 2023 to 2026 is expected to be 36.83% [3] - The company’s price-to-earnings ratios for 2024, 2025, and 2026 are projected to be 18.89, 14.50, and 11.71 respectively [3][7]

[Table_Main] 证券研究报告 | 公司点评 昊华能源(601101.SH) 2024 年 08 月 27 日 | --- | --- | |---------------------------------------------------|------------------------| | 昊华能源（ 买入（维持） | 601101.SH ）：产能 | | | | | 所属行业：煤炭 / 煤炭开采 当前价格 ( 元 ) ： 7.93 | 逐步释放，业绩表现优异 | | | | 投资要点 证券分析师 翟堃 资格编号：s0120523050002 邮箱：zhaikun＠tebon.com.cn 薛磊 资格编号：S0120524020001 邮箱：xuelei＠tebon.com.cn 研究助理 谢佶圆 邮箱：xiejy＠tebon.com.cn 市场表现 -20% 0% 20% 40% 60% 80% 100% 昊华能源 沪深300 | --- | --- | --- | --- | |--------------------------------|----------------|----- ...

买入（首次） 所属行业：电子/消费电子 当前价格(元)：20.16 证券分析师 陈蓉芳 资格编号：S0120522060001 邮箱：chenrf＠tebon.com.cn 研究助理 市场表现 歌尔股份 沪深300 -29% -14% 0% 14% 29% 43% 57% 71% 2023-08 2023-12 2024-04 | --- | --- | --- | --- | |-------------|-------|-------|-------| | 沪深300对比 | 1M | 2M | 3M | | 绝对涨幅(%) | -6.52 | 9.48 | 24.86 | | 相对涨幅(%) | -4.03 | 13.96 | 32.56 | 资料来源：德邦研究所，聚源数据 相关研究 [Table_Main] 证券研究报告 | 公司首次覆盖 歌尔股份(002241.SZ) 2024 年 08 月 27 日 歌尔股份(002241.SZ)：声光电龙头 领航消电创新，心向 AI 星火将燎原 投资要点 零件整机协同发展，精准卡位实现业务重心转移。公司始终坚持"零件+整机"战 略布局，形成精密零组件+智能声学整 ...

Investment Rating - The report maintains a "Buy" rating for Kingnet Network (002517 SZ) [1] Core Views - Kingnet Network's 24H1 performance is strong, with sufficient new game reserves expected to sustain growth momentum [1] - The company achieved significant growth in both revenue and profit in 24H1, driven by stable operations of long-term products and strong performance of newly launched games [3] - Kingnet Network has a rich and diverse pipeline of new games, with a new product cycle gradually starting [4] - The company is actively exploring AIGC and has developed its own "Xingyi" large model to improve efficiency and reduce costs [4] Financial Performance - 24H1 revenue reached 2 555 billion yuan, a YoY increase of 29 28%, with net profit attributable to the parent company of 809 million yuan, up 11 72% YoY [3] - 24Q2 revenue was 1 248 billion yuan, a YoY increase of 22 13%, but net profit attributable to the parent company decreased by 11 85% YoY to 383 million yuan [3] - Mobile game revenue in 24H1 was 2 095 billion yuan, up 23 42% YoY, driving core growth [3] - Overseas business revenue in 24H1 was 126 million yuan, a YoY increase of 334 95%, driven by strong performance in regions such as Hong Kong, Macao, Taiwan, and Southeast Asia [3] Product Pipeline - The company has a diversified product pipeline, including IP-adapted games such as "Douluo Dalu: Zhu Xie Chuanqi," "That Time I Got Reincarnated as a Slime: New World," and "Tomb Raider: Departure" [4] - Short-term, mid-term, and long-term product reserves are strategically planned, with a focus on IP development and game matrix construction [4] AI and R&D - Kingnet Network has established an AI application research center and developed the "Xingyi" large model, which focuses on "out-of-the-box" content output and has significantly improved R&D efficiency [4] - 24H1 R&D expenses were 228 million yuan, accounting for 8 94% of revenue, a YoY increase of 10 67% [4] Market Performance - The stock's absolute return over the past 1M, 2M, and 3M periods was -1 37%, -8 70%, and -21 00%, respectively, while the relative return was 0 83%, -4 83%, and -13 30% [2] Financial Forecast - Revenue for 2024-2026 is projected to be 5 362 billion yuan, 6 116 billion yuan, and 7 025 billion yuan, with YoY growth rates of 24 8%, 14 1%, and 14 9%, respectively [4] - Net profit attributable to the parent company for 2024-2026 is forecasted to be 1 715 billion yuan, 2 080 billion yuan, and 2 359 billion yuan, with YoY growth rates of 17 3%, 21 3%, and 13 4%, respectively [4] Valuation Metrics - The P/E ratio for 2024-2026 is projected to be 10 70x, 8 75x, and 7 66x, while the P/B ratio is expected to be 2 83x, 2 21x, and 1 76x [6] - The EV/EBITDA ratio for 2024-2026 is forecasted to be 7 40x, 5 37x, and 3 94x [6]

[Table_Main] 证券研究报告 | 公司点评 上美股份(02145.HK) 2024 年 08 月 26 日 买入（维持） 所属行业：美容护理/化妆品 当前价格(港元)：33.25 证券分析师 易丁依 资格编号：S0120523070004 邮箱：yidy＠tebon.com.cn 市场表现 上美股份 恒生指数 -29% 0% 29% 57% 86% 114% 143% 171% 2023-08 2023-12 2024-04 | --- | --- | --- | --- | |------------------|--------|--------|--------| | 恒 生 指 数 对比 | 1M | 2M | 3M | | 绝对涨幅(%) | -11.45 | -23.30 | -29.75 | | 相对涨幅(%) | -15.02 | -20.75 | -24.39 | 资料来源：德邦研究所，聚源数据 相关研究 1.《上美股份：24H1 预告高增长，关 注 多 渠 道 & 产 品 & 品 牌 发 展 》 ， 2024.7.29 2.《上美股份：23 全年业绩超预期，抖 音延续高增长》，2 ...

[Table_Main] 证券研究报告 | 宏观点评 | --- | --- | --- | --- | --- | |------------|---------|--------------------------|-------|-------| | | | 2024 年 08 月 26 | | 日 | | 宏观点评 | | 广义财政支出低位回升 | | | | | | | | | | 证券分析师 | —— 2024 | 7 月财政数据点评 | | | | | | | | | 张浩 程强 资格编号：S0120524070001 邮箱：zhanghao3＠tebon.com.cn 资格编号：S0120524010005 邮箱：chengqiang＠tebon.com.cn [Table_Summary] 投资要点： 核心观点：当前宏观数据和微观体感存在温差，当前市场对于财政政策扩围加码 有较高期待。我们认为下半年财政政策重在落实已有安排、完成预算目标，有助 于推动广义财政支出提速，维稳经济。此外，若外贸遇到挑战或去地产化进一步 风险释放，财政政策存在进一步加码可能，准财政工具的可行性相对较高。 资产配置： ...

Core Views - China's manufacturing sector accounts for over 30% of the global share, significantly higher than its GDP share of around 18% [2][28] - The global supply-demand mismatch has been minimal due to globalization and China's real estate sector creating excess demand [2][28] - China's strategic focus is on "manufacturing as the foundation of the nation," aiming to upgrade its manufacturing sector and reduce reliance on real estate [3][28] - The "manufacturing as the foundation" strategy will help China navigate internal and external challenges, including globalization headwinds and the transition away from real estate dependency [3][28] Global Supply-Demand Dynamics - Post-WWII, there have been three major global industrial shifts: from the US/Europe to Japan, from Japan to the Four Asian Tigers, and finally to China [31][32][33] - China has become a global manufacturing hub, connecting resource-rich countries with consumer markets in developed nations [34][35] - China's export share has risen significantly since joining the WTO, reaching 14.2% of global exports in 2023 [35][36] - The global supply-demand balance has been maintained due to globalization and China's real estate-driven demand [37] Geopolitical Risks and Supply Chain Disruptions - Rising geopolitical risks, including US-China tensions, the Russia-Ukraine conflict, and the Red Sea crisis, are disrupting global supply chains [38][39] - The US has shifted from a globalization advocate to a disruptor, imposing sanctions and export controls, particularly targeting China's tech sector [40][42][43] - China faces challenges in both high-end (US sanctions) and low-end manufacturing (so-called "de-Chinaization") [43] Manufacturing Strategy and Industry Opportunities - China's "manufacturing as the foundation" strategy focuses on upgrading traditional industries and embracing globalization [3][28] - Key opportunities include the export and technology sectors, with a focus on industries like semiconductors, AI, and advanced manufacturing [4][5] - The real estate sector is unlikely to see a full recovery, but structural opportunities exist in areas like inventory reduction [4] - Resource industries are expected to see supply-side constraints and strong overseas demand, particularly in commodities like copper and oil [5] Economic and Policy Outlook - China's GDP growth is expected to reach 5.0% in 2024, with manufacturing investment growing at 8.4% [6][28] - Infrastructure investment is projected to grow steadily, with a focus on supporting new productive forces [6][7] - Monetary policy is expected to remain accommodative, with a focus on supporting high-quality development [9]

[Table_Main] 证券研究报告 | 宏观周报 2024 年 08 月 25 日 宏观周报 证券分析师 张浩 资格编号：S0120524070001 邮箱：zhanghao3＠tebon.com.cn 研究助理 戴琨 邮箱：daikun＠tebon.com.cn 本周看什么？海外宽松、钢铁新政与海南 消费 --宏观周报（20240819-20240825） [Table_Summary] 摘要： 核心观点：本周聚焦四个方向，其一，美国民主党全国代表大会。其二， 海外焦 点。美国非农数据、7 月 FOMC 会议纪要和 JH 会议。其三，钢铁产能置换办法将 迎来修订。其四，7 月海南免税品销售同比-36%，负财富效应下几点反直觉数据。 高频宏观数据：交通运输、煤炭钢铁和农林牧渔景气度提升，文旅消费和建材景气 度待修复。 短期投资建议：债市关注流动性水平能否持续回升；股市重点关注红利扩散与高质 量成长。 热点观察 1：美国民主党全国代表大会。副总统哈里斯正式接受民主党总统候选人 提名。此外，民主党还发布了新的党章。我们认为，11 月，无论是特朗普还是哈 里斯赢得大选，均会推动美国财政赤字的进一步扩张，目前美国 ...

[Table_Main] 证券研究报告 | 海外市场周报 2024 年 08 月 25 日 | --- | --- | --- | --- | --- | |--------------|-------|-------|-------|-------| | | | | | | | 海外市场周报 | | | | | | | | | | | | | | | | | | 证券分析师 | | | | | 薛威 资格编号：S0120523080002 邮箱：xuewei＠tebon.com.cn 谭诗吟 资格编号：S0120523070007 邮箱：tansy＠tebon.com.cn [Table_Summary] 投资要点： 上周全球主要市场多数上涨。欧洲股指表现相对强势，法国 CAC40、德国 DAX 均 上涨 1.7%；美股三大指数涨幅在 1.2%-1.5%区间；亚太市场方面，越南 VN30 指 数上涨 2.3%，恒生指数上涨 1.0%，印度 SENSEX30 和日经 225 涨幅均为 0.8%， 韩国综合指数上涨 0.2%。 鲍威尔在 Jackson Hole 上释放较为明确的降息信号，市场短期定价利好消息后 ...

[Table_Main] 证券研究报告 | 公司点评 芯碁微装(688630.SH) 2024 年 08 月 26 日 买入（维持） 所属行业：机械设备/专用设备 当前价格(元)：54.78 证券分析师 陈蓉芳 资格编号：S0120522060001 邮箱：chenrf＠tebon.com.cn 陈瑜熙 资格编号：S0120524010003 邮箱：chenyx5＠tebon.com.cn 市场表现 -40% -20% 0% 20% 40% 60% 2023-08 2023-12 2024-04 芯碁微装 沪深300 | --- | --- | --- | --- | |--------------------------------|--------|--------|--------| | 沪深 300 对比 | 1M | 2M | 3M | | 绝对涨幅 (%) | -12.80 | -22.62 | -18.47 | | 相对涨幅 (%) | -7.06 | -17.40 | -8.39 | | 资料来源：德邦研究所，聚源数据 | | | | 相关研究 1.《芯碁微装(688630.SH)：24Q1 ...