2024年08月31日 证券研究报告|行业研究|军工行业点评 国防军工 投资评级 增持 维持评级 军工行业周报:十年"最差"中报，中期"最好"消 息 报告摘要 核心观点 2024年 8 月 31 日,军工板块 2024 年中报已披露完毕,在 233 家 军工板块上市公司中,78 家公司 2024 年中报归母净利润同比实现增 长,155 家公司 2024年中报归母净利润同比下降。核心军工企业营业 收入增速中位数近十年首次为负、归母净利润增速中位数降至- 17.99%,军工行业走出了近十年最差中报业绩表现。 行业表现不尽如人意,但中报密集的月底三个交易日,军工板块反 而上涨 3.9%,若干中报业绩下降的个股在中报披露后亦逆势上涨,表 | --- | |--------------------------------------------------------------| | | | | | 现出来的是中报情况大多在市场预期之中的 price in,算是"利空"落 | | 地。 | | 交易层面看,军工行业成交额下降、指数下跌、情绪低迷、估值被 | | 压制;基本面看,人事调整持续、需求节奏不明朗、降价压力不 ...

Investment Rating - The industry investment rating is "Overweight" [1] Core Viewpoints - The report emphasizes the potential growth of the laser radar market, driven by cost reductions and advancements in intelligent driving technology. The integration of optical chips and components is expected to significantly lower production costs, facilitating the widespread adoption of laser radar in vehicles [3][4][6] - The report highlights key recommended stocks, including Niuwei Co., Beite Technology, and Nairui Radar, among others, indicating a strong belief in their growth potential within the advanced manufacturing sector [3][6] - The report projects that by 2025, the laser radar market in China will reach 4.31 billion yuan, with a compound annual growth rate of 80.9% from 2019 to 2025 [9] Summary by Sections Laser Radar Market - The report discusses the significant advantages of laser radar technology, including long-range measurement and high angular resolution, which enhance the reliability of autonomous driving systems. The cost of laser radar systems is expected to drop significantly, with the first mass-produced models priced around $200, down from $500 [3][6] - The penetration rate of laser radar in new energy vehicles priced above 150,000 yuan reached 20.5% in May, indicating a growing acceptance of this technology in the market [6][9] Key Industries to Watch - The report identifies several key industries for future growth, including humanoid robots, photovoltaic equipment, energy storage, semiconductor equipment, automation, and hydrogen energy. Each sector is expected to experience significant advancements and market opportunities [3][11][12] - In the photovoltaic sector, the report notes the acceleration of N-type technology adoption and the strengthening of leading companies' competitive advantages [11] - The energy storage market is anticipated to grow due to favorable policies and increasing demand from both generation and user sides [11] Company Recommendations - The report recommends focusing on midstream integrated laser radar providers such as Suteng Juchuang and Hesai Technology, as well as intelligent automotive manufacturers like Jianghuai Automobile and Changan Automobile [3][9] - It also highlights the importance of leading companies in the semiconductor equipment sector, predicting a doubling of the global market size by 2030 [12]

Investment Rating - The industry investment rating is "Increase" indicating that the growth level of the industry is expected to be higher than that of the CSI 300 index over the next six months [28]. Core Insights - The summer tourism market in 2024 has set new records, with significant increases in ticket and hotel bookings compared to previous years. The integration of tourism, culture, art, sports, and technology is becoming more pronounced, with museum searches up 10% and art gallery searches up 30% year-on-year [18][19]. - The film market is experiencing a recovery, with a diverse supply of quality films expected to meet the audience's varied viewing demands. The summer box office for 2024 reached 11.4 billion yuan, a decrease of nearly 50% compared to 2023, but still surpassing the figures from 2021 and 2022 [21][22][23]. Summary by Sections Market Review - The social services sector index rose by 2.44% in the week of August 26 to August 30, ranking 13th out of 31 in the Shenwan first-level industry performance [10][11]. - Sub-industry performance showed professional services leading with a 4.08% increase, followed by hotel and catering at 3.64%, and tourism and scenic spots at 3.55% [15]. Core Insights - Investment Theme 1: The summer tourism season is exceptionally strong, with county-level tourism and cultural tourism integration showing remarkable results. Hotel bookings in lower-tier cities increased by 113% compared to the previous summer, indicating a robust recovery in domestic travel [18][19]. - Investment Theme 2: The film market is undergoing a transformation, with a significant drop in box office revenue compared to last year, but the diversity in film offerings is expected to drive future growth [21][22]. Industry News Dynamics - The film "Borderlands" faced a poor reception, leading to a quick transition to streaming platforms after only three weeks in theaters, highlighting the challenges in the film industry [24]. - The integration of sports and tourism is being promoted through events like the automotive and motorcycle challenge in Han Yin, showcasing the potential for growth in this sector [24].

Investment Rating - The report maintains a "Buy" rating for CIMC Enric (3899 HK) [1] Core Views - CIMC Enric's clean energy business significantly boosted revenue growth, with new orders growing rapidly and stable operations [1] - The company achieved revenue of RMB 11 48 billion in H1 2024, up 6 7% YoY, while net profit attributable to shareholders was RMB 490 million, down 14 5% YoY [1] - Clean energy revenue increased by 25 1% YoY, with overseas business growing faster than domestic, particularly in waterborne clean energy and hydrogen energy [1] - The company's cumulative new orders reached RMB 16 4 billion in H1 2024, up 29 5% YoY, with clean energy new orders showing significant growth [1] Business Segments Clean Energy - Revenue from clean energy reached RMB 7 876 billion in H1 2024, up 25 1% YoY, with domestic revenue at RMB 5 71 billion, up 17 8% YoY, and overseas revenue at RMB 2 17 billion, up 49 6% YoY [1] - New orders for clean energy totaled RMB 12 92 billion in H1 2024, up 63 3% YoY, with outstanding orders at RMB 22 93 billion, up 70 7% YoY [1] - LNG vehicle cylinder revenue surged 711% YoY to RMB 720 million, with new orders for LNG vehicle cylinders reaching RMB 790 million, up 168 8% YoY [1] - Waterborne clean energy revenue grew 48 9% YoY to RMB 1 77 billion, with overseas revenue up 153 6% YoY [1] - Hydrogen energy revenue increased by 65 2% YoY to RMB 450 million, with new orders up 29 3% YoY [2] Chemical Environment - Chemical environment revenue declined 47 1% YoY to RMB 1 3 billion in H1 2024, with Q2 revenue improving 30 8% QoQ [2] - New orders for chemical environment totaled RMB 1 69 billion in H1 2024, down 26 8% YoY, but Q2 new orders surged 245 4% QoQ [2] Liquid Food - Liquid food revenue grew 14 7% YoY to RMB 2 31 billion in H1 2024, with domestic revenue up 113 9% YoY [3] - Beer revenue increased by 9 5% YoY to RMB 1 71 billion, while non-beer revenue grew 32 7% YoY [3] Financial Data and Valuation - The company's revenue is expected to grow from RMB 27 068 billion in 2024E to RMB 35 425 billion in 2026E, with net profit attributable to shareholders projected to increase from RMB 1 364 billion in 2024E to RMB 1 815 billion in 2026E [5] - The PE ratio is expected to decline from 8 72x in 2024E to 6 56x in 2026E, indicating potential undervaluation [5] Industry Trends - The global LNG bunkering market is expected to grow from 1 million tons in 2023 to 3 000-4 000 million tons by 2030, with significant opportunities in LNG-powered vessels and bunkering stations [2] - The domestic market for LNG-powered inland vessels is projected to reach RMB 30 5 billion, driven by policy support for equipment upgrades [2]

Investment Rating - The investment rating for the company is "Buy" with a target return exceeding 10% relative to the CSI 300 index over the next six months [7]. Core Insights - The company reported a revenue of 3.609 billion yuan for the first half of 2024, representing a year-on-year increase of 21.69%, and a net profit attributable to shareholders of 517 million yuan, up 53.88% year-on-year [1]. - The semiconductor industry is experiencing a recovery, with demand in consumer and networking markets driving sales and revenue growth for the company's storage chips [1]. - The company maintains a market share-focused strategy, continuously investing in R&D and product iteration, leading to improved competitiveness across all product lines [1]. - The gross profit margin for the first half of 2024 was 38.16%, an increase of 4.72 percentage points year-on-year [1]. Financial Performance Summary - For Q2 2024, the company achieved a revenue of 1.982 billion yuan, a year-on-year increase of 21.99% and a quarter-on-quarter increase of 21.78%. The net profit for the same period was 312 million yuan, up 67.95% year-on-year and 52.46% quarter-on-quarter [1]. - The company's gross profit margin for Q2 was 38.15%, reflecting a year-on-year increase of 8.70 percentage points [1]. - The company's sales, management, finance, and R&D expense ratios were 4.72%, 6.21%, -4.92%, and 16.30%, respectively, with year-on-year changes of 0.39 percentage points, 0.41 percentage points, 1.77 percentage points, and 0.21 percentage points [1]. Product Line Insights - The company is a leading manufacturer of NOR Flash, maintaining technological and market advantages, particularly in automotive applications [2]. - The NAND Flash segment has seen the full-scale production of 38nm and 24nm processes, with a capacity range of 1Gb to 8Gb [2]. - The DRAM segment has benefited from increased investment in high-end products by overseas manufacturers, leading to improved supply-demand dynamics and price increases for niche products [2]. Future Projections - Revenue projections for 2024, 2025, and 2026 are 7.334 billion yuan, 9.045 billion yuan, and 10.467 billion yuan, respectively, with net profits of 1.021 billion yuan, 1.504 billion yuan, and 1.940 billion yuan [3]. - The corresponding price-to-earnings ratios for these years are expected to be 47x, 32x, and 25x [3].

Investment Rating - The industry investment rating is "Increase" [5][43]. Core Insights - The securities sector experienced a decline of 2.21% this week, underperforming the CSI 300 index by 1.65 percentage points, with the current PB valuation at 1.01 times, which is at a historical low [2][5]. - The insurance sector saw an increase of 3.97%, outperforming the CSI 300 index by 4.52 percentage points [5]. - The report highlights ongoing mergers and acquisitions in the brokerage industry, with regulatory support for industry consolidation, which is expected to enhance overall competitiveness and resource allocation [2][5]. Summary by Sections Securities Weekly Data Tracking - The average daily trading volume of A-shares was 542.4 billion yuan, with a week-on-week increase of 2.45% [12]. - The margin trading balance was 1,397.446 billion yuan, with a week-on-week decrease of 109.75 billion yuan [23]. - The total assets of Wanhe Securities were reported at 13.162 billion yuan, with a net profit of 58.7494 million yuan for 2023, while Guosen Securities reported total assets of 462.96 billion yuan and a net profit of 6.427 billion yuan [2]. Insurance Weekly Data Tracking - As of June 30, 2024, the total assets of the insurance industry reached 33.8 trillion yuan, a year-on-year increase of 15.74% [29]. - The original insurance premium income for the industry in June 2024 was 35,467.39 billion yuan, reflecting a year-on-year growth of 10.65% [31]. - China Ping An reported a net profit of 746.19 billion yuan for the first half of 2024, a year-on-year increase of 6.8% [5][42]. Industry Dynamics - The report notes that the China Securities Regulatory Commission approved the registration of options for lead, nickel, tin, and alumina on the Shanghai Futures Exchange [34]. - Regulatory updates include the establishment of a pricing mechanism for life insurance products and guidelines for internet insurance business [40][41].

联系电话:010-59219558 - 传真:010-59562637 2024年08月26日 证券研究报告|公司研究|公司点评 | --- | --- | --- | --- | --- | |--------------------------------------------------------------------------------|----------|--------------------|--------------------------------------------------------------------------------------------|-------------| | | | | | | | 超图软件（300036） | | 投资评级 | | 买入 | | 2024 半年报点评:短期业绩承压,积极推进第二增 | | | | 维持评级 | | | | | 2024年 08月23 日 | | | 长曲线 | | 收盘价(元): | | 13.31 | | 报告摘要 | | 公司基本数据 | | | | 事件:公司发布半年度业绩报告,2024年上半年 ...

2024年08月23日 证券研究报告|公司研究|公司点评 | --- | --- | |--------------------------------------------------------------------|-------| | 金山办公 (688111) | | | 2024 半年报点评:To C 拉动订阅业务成长,AI+办 | | | | | | 公赋能在路上 | | | 事件:公司 2024年上半年实现营业收入 24.13 亿元(+11.09%),归母净 | | | 利润 7.21 亿元（+20.38%）, 扣非净利润6.88 亿元（+19.35%）。 | | | | | | To C 收入拉动订阅业务成长,"服务 SaaS 化+产品 AI 化"战略稳健。� | | | 报告期内,公司营业收入保持稳健增长。其中,订阅业务作为公司的核心增 | | | 长引擎收入 19.73 亿元，总收入占比约 82%，同比提升近 5 个百分点。从 | | | 收入结构来看,(1) 国内个人办公服务订阅业务收入 15.30 亿元 | | | (+22.17%)。期末，主要产品月度活跃设备数为 6.02亿（ ...

行业报告：光伏月报M8 2024年8月24日 标 有限公司 供给侧改革指引优化行业生态；行业洗牌阶段产能出清提速 行业评级:增持 分析师:曾帅 证券执业证书号：S0640522050001 分析师:王卓亚 证券执业证书号：S0640523110001 股市有风险，入市需谨慎 中航证券研究所发布 证券研究报告 请务必阅读正文后的免责条款部分 中航新能源团队投资观点 ■ 重点组合:皖能电力(月金股)、福莱特(月金股)、比亚迪、中国重汽A+H、亿纬理能、天赐材料、恩捷股份、淞柴动力A、中集安瑞科H ■ 月度投资观点: > 国内外宏观环境变化: 1）8月11日国务院发布《关于加快经济社会发展全面绿色转型的意见》，对加快经济社会发展全面绿色转型作出系统谋划和总体部署，意见中提出大力 推动规铁、有色、石化、化工、建材、造纸、印染等行业绿色低碳转型。到2030年节能环保产业规模达15万亿元左右。"十四五"时期严格合理控制媒 炭消费增长，接下来5年逐步减少。稳妥推进能源绿色低碳转型，加强能源产供储销体系建设，坚持先立后破，推进非化石能源安全可靠有序替代化石能 源，持续优化能源结构，加快规划建设新型能源体系。加快西北风电光伏、 ...

换手率回升,随后 A 股见底回升。 2024年08月24 | 证券研究报告|策略研究|策略点评 稳增长政策有望提速，大盘或将触底回升 � | --- | --- | --- | |--------------------------------------------------------------|-----------|------------------------------| | | | | | 报告摘要 | 作者 | | | 核心观点： | 董忠云 | 分析师 | | ◆ 本周Ａ股日均成交金额为 5294.40 亿元，较上周增加 129.70 亿 | | SAC 执业证书: S0640515120001 | | | | 联系电话：010-59562478 | | 元,但仍处于极低水平。在市场弱势阶段中,出现极低的成交额和 | | 邮箱：dongzy@avicsec.com | | 换手率既反映出投资者信心低迷，又反应当前价格水平市场压力持 | 得肠 | 分析师 | | | | SAC执业证书: S0640514070001 | | 续衰竭。回顾历史,"地量"往往出现在市场底部。因此,投资者关 ...