Investment Rating - The report maintains an "Outperform" rating for the consumer electronics industry, indicating a positive outlook for the sector [2]. Core Insights - The consumer electronics industry is experiencing a significant transformation with the introduction of innovative foldable screen smartphones by major manufacturers such as Honor, Samsung, Xiaomi, and Huawei. This trend is expected to lead to a turning point in the industry chain [2]. - The global shipment of foldable smartphones is projected to grow by 49% year-on-year in Q1 2024, driven by brands like Huawei, Honor, and Motorola. As user pain points such as battery life, weight, and software compatibility are addressed, foldable smartphones are anticipated to enter a rapid growth phase [2]. Summary by Sections Market Performance - The report includes a market performance chart showing a range of percentage changes from -22% to +22% for the consumer electronics sector compared to the CSI 300 index from August 2023 to August 2024 [2]. Product Launches - Honor launched its first small foldable smartphone, the Nova Flip, with a starting price of 5288 RMB, featuring a unique 1:1 square outer screen and advanced specifications [3]. - Xiaomi introduced its first small foldable smartphone, the MIX Flip, and the new lightweight flagship MIX Fold 4, both equipped with high-performance Snapdragon 8 Gen3 processors [4]. - Samsung released the sixth generation of its foldable series, the Galaxy Z Fold 6 and Z Flip 6, featuring advanced AI capabilities and improved durability [5][6]. Future Outlook - The report anticipates that foldable smartphones will become a key focus for major brands in the saturated smartphone market. It highlights the potential for significant growth in the foldable smartphone segment, particularly with the expected entry of Apple into this market with foldable iPhones and iPads by 2026 [8]. - IDC data indicates that the price range for foldable smartphones in China is decreasing, with models priced between 600-800 USD increasing to 14.1% of the market, suggesting a shift towards mainstream adoption [8]. Investment Recommendations - The report suggests focusing on key components of the foldable smartphone supply chain, including flexible OLED panels, UTG covers, hinges, batteries, and thermal management solutions. Specific companies to watch include BOE Technology, TCL Technology, and others involved in these segments [8].

[Table_Main] 证券研究报告 | 公司点评 爱 美 客(300896.SZ) 2024 年 08 月 22 日 买入（维持） 所属行业：美容护理/医疗美容 当前价格(元)：164.07 证券分析师 易丁依 资格编号：S0120523070004 邮箱：yidy＠tebon.com.cn 市场表现 爱美客 沪深300 -57% -46% -34% -23% -11% 0% 11% 2023-08 2023-12 2024-04 | --- | --- | --- | --- | |-------------|-------|-------|--------| | 沪深300对比 | 1M | 2M | 3M | | 绝对涨幅(%) | -4.17 | -7.31 | -25.55 | | 相对涨幅(%) | 1.97 | -2.33 | -15.91 | 资料来源：德邦研究所，聚源数据 相关研究 1.《爱美客：归母净利同增 47%，管线 成长持续验证》，2024.3.20 2.《爱美客：Q3 出行短期扰动，看好 全年业绩兑现度》，2023.10.5 3.《爱美客：23Q1 业绩超预期，坚定 看好后续表 ...

[Table_Main] 证券研究报告 | 公司点评 冰轮环境(000811.SZ) 2024 年 08 月 22 日 | --- | --- | |-------------------------------------------------------|---------------------------------| | 增持（维持） | 冰轮环境（ 000811.SZ ）：国内需 | | 所属行业：机械设备 / 通用设备 当前价格 ( 元 ) ： 8.03 | 求不足致业绩下滑，盈利能力依 | | 证券分析师 | | | 郭雪 | 旧稳健 | 资格编号：S0120522120001 邮箱：guoxue＠tebon.com.cn 卢璇 资格编号：S0120524050004 邮箱：luxuan＠tebon.com.cn 联系人 市场表现 -57% -46% -34% -23% -11% 0% 11% 2023-08 2023-12 2024-04 2024-08 冰轮环境 沪深300 | --- | --- | --- | --- | |------------------------------ ...

买入（维持） 所属行业：轻工制造/家居用品 当前价格(元)：25.10 证券分析师 毕先磊 资格编号：S0120524030001 邮箱：bixl3＠tebon.com.cn 研究助理 李陌凡 邮箱：limf3＠tebon.com.cn 市场表现 顾家家居 沪深300 -46% -34% -23% -11% 0% 11% 23% 2023-08 2023-12 2024-04 | --- | --- | --- | --- | |-------------|-------|--------|--------| | 沪深300对比 | 1M | 2M | 3M | | 绝对涨幅(%) | -0.36 | -23.94 | -31.38 | | 相对涨幅(%) | 5.79 | -18.96 | -21.74 | 资料来源：德邦研究所，聚源数据 相关研究 1.《顾家家居（603816.SH）：一体化 整家运营发力，盈利能力进一步提 升》，2023.8.31 [Table_Main] 证券研究报告 | 公司点评 顾家家居(603816.SH) 2024 年 08 月 22 日 顾家家居（603816.SH）：境外业 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's revenue for the first half of 2024 (24H1) was approximately 10.54 billion yuan, a year-on-year decrease of 14.86%, with a net profit attributable to shareholders of about 465 million yuan, down 66.60% year-on-year [5] - The report highlights that the prices of the company's three core businesses—glass fiber, wind turbine blades, and lithium membranes—have all declined year-on-year, impacting overall performance [5] - The forecast for net profit for the years 2024 to 2026 is adjusted to 1.165 billion yuan, 1.385 billion yuan, and 1.556 billion yuan respectively, with corresponding price-to-earnings ratios of 14.30, 12.03, and 10.71 times [5] Summary by Sections Market Performance - The company's stock has underperformed compared to the CSI 300 index, with a relative decline of 5.35% over the past month [3] Financial Performance - In Q2 2024, the company achieved revenue of approximately 6.11 billion yuan, a year-on-year decrease of 16.71%, but a quarter-on-quarter increase of 37.91% [5] - The gross profit margin for the first half of 2024 was approximately 15.37%, down 9.69 percentage points year-on-year [5] Business Segments 1. **Wind Turbine Blades**: - Sales volume was approximately 7.52 GW, down 21.6% year-on-year, with revenue of about 2.831 billion yuan, a decrease of 34.13% year-on-year [5] 2. **Glass Fiber**: - Sales volume was approximately 681,000 tons, up 7.2% year-on-year, with revenue of about 3.855 billion yuan, down 6.54% year-on-year [5] 3. **Lithium Membranes**: - Sales volume was approximately 810 million square meters, up 15.1% year-on-year, with revenue of 762 million yuan, down 24.43% year-on-year [6] Cost and Expenses - The company's expense ratio increased slightly to 14.21%, up 2.74 percentage points year-on-year, with specific increases in management and R&D expenses [6] Future Outlook - The report anticipates a gradual recovery in profitability levels for wind turbine blades as project construction accelerates in the second half of the year [5]

Investment Rating - The report maintains a "Buy" rating for Zhongzhou Special Materials (300963.SZ) [1] Core Views - The company reported a revenue increase of 5.38% year-on-year to 545 million yuan in the first half of 2024, while the net profit attributable to shareholders slightly decreased by 1.40% to 47.37 million yuan [1][2] - The product structure continues to optimize, with high-end alloy materials such as cobalt-based and nickel-based high-temperature corrosion-resistant alloys increasing their proportion by 17.61% compared to the same period last year [2] - The demand for high-temperature alloys in China is expected to grow significantly, with the market size projected to rise from approximately 22 billion yuan in 2021 to over 30 billion yuan by 2025, indicating a substantial supply-demand gap [2] - The subsidiary Jiangsu Xinzhongzhou achieved a revenue of 342.53 million yuan in the first half of 2024, marking an 11.95% year-on-year increase, with net profit growing by 32.96% [2] - Future revenue projections for the company are 1.341 billion yuan in 2024, 1.623 billion yuan in 2025, and 1.845 billion yuan in 2026, with corresponding net profits of 110 million yuan, 154 million yuan, and 199 million yuan respectively [2][7] Summary by Sections Financial Performance - In the first half of 2024, Zhongzhou Special Materials reported a revenue of 545 million yuan, a 5.38% increase year-on-year, while the net profit attributable to shareholders was 47.37 million yuan, down 1.40% [1][2] - Jiangsu Xinzhongzhou's revenue reached 342.53 million yuan, an 11.95% increase, with net profit at 18.03 million yuan, up 32.96% [2] Market Outlook - The high-temperature alloy market in China is expected to grow from 22 billion yuan in 2021 to over 30 billion yuan by 2025, with a significant supply-demand gap [2] - The company is focusing on high-end materials and markets, enhancing its product offerings and R&D efforts [2] Earnings Forecast - Projected revenues for 2024, 2025, and 2026 are 1.341 billion yuan, 1.623 billion yuan, and 1.845 billion yuan respectively, with net profits of 110 million yuan, 154 million yuan, and 199 million yuan [2][7]

[Table_Main] 证券研究报告 | 公司点评 新宙邦(300037.SZ) 2024 年 08 月 21 日 买入（维持） 所属行业：电力设备/电池 当前价格(元)：31.76 证券分析师 彭广春 资格编号：S0120522070001 邮箱：penggc＠tebon.com.cn 赵皓 资格编号：S0120524030004 邮箱：zhaohao3＠tebon.com.cn 市场表现 新宙邦 沪深300 -60% -40% -20% 0% 20% 2023-08 2023-12 2024-04 | --- | --- | --- | --- | |-------------|-------|-------|-------| | 沪深300对比 | 1M | 2M | 3M | | 绝对涨幅(%) | -3.29 | -2.10 | -4.96 | | 相对涨幅(%) | 1.36 | 3.22 | 3.77 | 资料来源：德邦研究所，聚源数据 相关研究 1.《新宙邦（300037.SZ）：电解液盈利 承压，氟化工开启强成长周期》， 2024.5.7 2.《新宙邦（300037.SZ）：盈利承压， 追 ...

[Table_Main] 证券研究报告 | 公司点评 新诺威(300765.SZ) 2024 年 08 月 21 日 买入（维持） 所属行业：医药生物/化学制药 当前价格(元)：25.36 证券分析师 周新明 资格编号：S0120524060001 邮箱：zhouxm＠tebon.com.cn 吴明华 资格编号：S0120524050002 邮箱：wumh3＠tebon.com.cn 研究助理 市场表现 -54% 0% 54% 109% 163% 217% 271% 326% 2023-08 2023-12 2024-04 2024-08 新诺威 沪深300 | --- | --- | --- | --- | |--------------------------------|-------|-------|--------| | | | | | | 沪深 300 对比 | 1M | 2M | 3M | | 绝对涨幅 (%) | -6.73 | -8.65 | -21.97 | | 相对涨幅 (%) | -0.59 | -3.46 | -11.96 | | 资料来源：德邦研究所，聚源数据 | | | | 相关 ...

Investment Rating - The report maintains an "Accumulate" rating for Yanjing Beer (000729.SZ) [2] Core Views - The company reported a revenue of 8.046 billion yuan for H1 2024, a year-on-year increase of 5.52%, and a net profit attributable to shareholders of 758 million yuan, up 47.54% year-on-year [2] - The growth in revenue and profit is attributed to the continued rise in both volume and price, with the U8 product leading the upgrade in product structure [3] - The company is expected to see significant growth in revenue and net profit over the next three years, with projected revenues of 15.17 billion yuan, 16.09 billion yuan, and 17.01 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 6.8%, 6.0%, and 5.7% [3] Summary by Sections Financial Performance - In H1 2024, the beer business generated revenue of 7.388 billion yuan, a 4.63% increase year-on-year, with sales volume reaching 2.3049 million tons, a 0.63% increase year-on-year, and the price per ton of beer rising by 3.97% to 3,205 yuan [2] - The revenue from mid-to-high-end products reached 5.064 billion yuan, a 10.61% increase, while revenue from ordinary products decreased by 6.41% to 2.324 billion yuan [2] - The company’s gross margin improved to 43.4%, up 1.8 percentage points year-on-year, driven by a decrease in raw material and labor costs [3] Market and Product Strategy - The U8 product has significantly contributed to the increase in the proportion of mid-to-high-end products, which now account for 68.5% of total revenue, an increase of 3.7 percentage points year-on-year [2] - The company is expanding its market presence in emerging markets and high-end product segments, with increasing channel coverage and penetration [3] Future Outlook - The report projects net profits of 970 million yuan, 1.26 billion yuan, and 1.55 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 50.7%, 29.3%, and 23.1% [3] - The company is expected to continue benefiting from internal reforms and the rapid growth of the U8 product line, leading to further improvements in pricing and profitability [3]

[Table_Main] 证券研究报告 | 公司点评 恒邦股份(002237.SZ) 2024 年 08 月 21 日 买入（维持） 所属行业：有色金属/贵金属 当前价格(元)：10.36 证券分析师 翟堃 资格编号：s0120523050002 邮箱：zhaikun＠tebon.com.cn 高嘉麒 资格编号：S0120523070003 邮箱：gaojq＠tebon.com.cn 研究助理 市场表现 -34% -23% -11% 0% 11% 23% 2023-08 2023-12 2024-04 恒邦股份 沪深300 | --- | --- | --- | --- | |--------------------------------|--------|--------|--------| | | | | | | 沪深 300 对比 | 1M | 2M | 3M | | 绝对涨幅 (%) | -13.67 | -12.50 | -19.23 | | 相对涨幅 (%) | -7.84 | -6.94 | -9.85 | | 资料来源：德邦研究所，聚源数据 | | | | 相关研究 1.《黄金：降息预期提升 ...