证券研究报告 建筑材料 报告日期：2024 年 08 月 19 日 传统淡季需求疲软价格下行，关注供给侧变动情况 ——建筑材料行业周报 华龙证券研究所 最近一年走势 分析师：彭棋 执业证书编号：S0230523080002 邮箱：pengq@hlzqgs.com 《传统淡季需求回落，底部布局静待旺 季反弹—建筑材料行业月报》2024.08.16 《地产政策持续发酵，底部布局静待反 弹 — 建 材 行 业 2024 年 中 期 策略 》 2024.07.25 《水泥行业加大错峰力度，淡季逆势提 价带动盈利能力提升—建筑材料行业月 报》2024.07.17 摘要： 建材行业：目前建材行业处于传统淡季，需求有所下滑，建材板 块估值处于历史底部，有望随着地产政策利好影响释放底部回升， 维持建材行业"推荐"评级。 投资评级：推荐（维持） 水泥行业：八月中旬，由于市场资金短缺，以及局部地区高温和 雨水天气影响，国内水泥市场需求恢复较弱，全国重点地区水泥 企业平均出货率为 49.3%。价格方面，内陆低价地区通过行业自 律和错峰生产，陆续开始推涨价格；长江中下游地区因湖北个别 大企业不参与错峰，且存在低价抢量行为，导致价格小 ...

证券研究报告 美容护理 报告日期：2024 年 08 月 19 日 Crown Laboratories 溢价收购 Revance，新品推动行业发展 ——美容护理行业周报 华龙证券研究所 投资评级：推荐(维持) 最近一年走势 执业证书编号：S0230523080004 邮箱：sunbw@hlzqgs.com 《七夕限定礼盒多样，加深公司品牌推 广—美容护理行业周报》2024.08.12 《行业会议频开，华熙生物"注射透明 质酸复合溶液"获批—美容护理行业周 报》2024.08.05 《行业会议频开，华熙生物"注射透明 质酸复合溶液"获批—美容护理行业周 报》2024.08.05 摘要： 2024 年 8 月 12 日，Crown Laboratories 宣布以每股 6.66 美元的 现 金 收购 Revance ， 企 业总 价 值 达 9.24 亿 美 元。 收购 价格较 Revance2024 年 8 月 9 日的收盘价溢价 89%，较 Revance 60 天成交量 加权平均价溢价 111%。复星医药作为 Revance 在中国的独家商业化 合作伙伴，或将受益于此次并购方案。 国家药品监督管理局多次发 ...

证券研究报告 美容护理 报告日期：2024 年 08 月 19 日 Crown Laboratories 溢价收购 Revance，新品推动行业发展 ——美容护理行业周报 华龙证券研究所 投资评级：推荐(维持) 最近一年走势 执业证书编号：S0230523080004 邮箱：sunbw@hlzqgs.com 《七夕限定礼盒多样，加深公司品牌推 广—美容护理行业周报》2024.08.12 《行业会议频开，华熙生物"注射透明 质酸复合溶液"获批—美容护理行业周 报》2024.08.05 《行业会议频开，华熙生物"注射透明 质酸复合溶液"获批—美容护理行业周 报》2024.08.05 摘要： 2024 年 8 月 12 日，Crown Laboratories 宣布以每股 6.66 美元的 现 金 收购 Revance ， 企 业总 价 值 达 9.24 亿 美 元。 收购 价格较 Revance2024 年 8 月 9 日的收盘价溢价 89%，较 Revance 60 天成交量 加权平均价溢价 111%。复星医药作为 Revance 在中国的独家商业化 合作伙伴，或将受益于此次并购方案。 国家药品监督管理局多次发 ...

证券研究报告 机械设备 报告日期：2024 年 08 月 19 日 关注核电设备、轨交设备、人形机器人板块投资机会 ——机械设备行业周报 华龙证券研究所 最近一年走势 分析师：景丹阳 执业证书编号：S0230523080001 邮箱：jingdy@hlzqgs.com 分析师：邢甜 执业证书编号：S0230521040001 邮箱：xingt@hlzqgs.com 《关注工程机械、数控机床、人形机器 人板块投资机会—机械设备行业周报》 2024.08.12 《日本机床中国订单额同比+66%，国内 数控机床有望复苏—机械设备行业周 报》2024.08.05 《CME 预测 7 月挖机销量+11.3%，板块 回调创造布局机会—机械设备行业周 报》2024.07.29 请认真阅读文后免责条款 摘要： 上周机械设备指数下跌 0.15%，在申万 31 个一级行业分类中排名 第 17，子行业中轨交设备表现相对较好。短期关注：1）国铁集 团年内第二批高级修招标放量，轨交设备景气有望延续；2）市场 近期热点轮动较快，人形机器人异动频率较高，关注本周世界机 器人大会催化； 3）2023 年核电机组第一次核准时间为 7 月 31 ...

证券研究报告 食品饮料 报告日期：2024 年 08 月 19 日 中报陆续披露，关注业绩确定性个股 ——食品饮料行业周报 华龙证券研究所 最近一年走势 分析师：王芳 执业证书编号：S0230520050001 邮箱：wangf@hlzqgs.com 《扩大内需消费政策积极，白酒龙头分 红规划信心提升—食品饮料行业周报》 2024.08.12 《固本开新，行稳致远—---食品饮料行 业 2024 年中期策略报告》2024.07.29 《固本开新，行稳致远—---食品饮料行 业 2024 年中期策略报告》2024.07.25 摘要： 食品饮料板块跑输上证指数。上周（08 月 12 日-08 月 16 日）食 品饮料板块涨跌幅为-1.88%，在申万 31 个行业中排名第 20，跑 输上证指数（涨跌幅为+0.60%）2.48pcts。子板块来看，软饮料 （-0.26%）、乳品（-0.93%）、零食（-1.60%）跌幅较小，预加 工食品（-5.15%）跌幅较大。当前进入中报密集披露期，龙头企 业业绩确定性较强，具备一定的抗风险能力，估值回调后中长期 配置性价比凸显，我们维持行业"推荐"评级。 投资评级：推荐（维持） ...

证券研究报告 建筑材料 报告日期：2024 年 08 月 16 日 传统淡季需求回落，底部布局静待旺季反弹 ——建筑材料行业月报 华龙证券研究所 最近一年走势 分析师：彭棋 执业证书编号：S0230523080002 邮箱：pengq@hlzqgs.com 相关阅读 《地产政策持续发酵，底部布局静待反 弹 — 建 材 行 业 2024 年 中 期 策略 》 2024.07.25 《水泥行业加大错峰力度，淡季逆势提 价带动盈利能力提升—建筑材料行业月 报》2024.07.17 《淡季继续推进错峰生产，关注水泥价 格变动情况—建筑材料行业周报》 2024.07.15 摘要： 投资评级：推荐（维持） 建材行业：目前建材行业处于传统淡季，需求有所下滑，建材板块估值 处于历史底部，有望随着地产政策利好影响释放底部回升，维持建材行 业"推荐"评级。 水泥行业：7 月全国水泥市场需求疲软，需求萎缩的主要原因：一是受 高温、降雨等季节性因素影响，水泥需求处于淡季，同时，部分地区受 台风影响出现强降雨天气，继发洪涝灾害导致需求阶段性停滞；二是房 地产市场持续疲软，新开工程项目较少，资金不足，在建工程施工进度 缓慢，水泥需求相应 ...

Investment Rating - The investment rating for the company is "Buy" (首次覆盖) [3] Core Views - The cyclical recovery in the consumer electronics industry is driving growth in the company's core connector business, with significant performance in institutional components [3] - The company has achieved a revenue of 389 million yuan in the first half of 2024, representing a year-on-year growth of 30.45%, and a net profit attributable to shareholders of 16.08 million yuan, up 283.05% year-on-year [2][3] - The company is expanding its new business lines, including semiconductor metal heat sinks and automotive connectors, which are expected to contribute to revenue in the second half of 2024 [3] Financial Performance Summary - In the first half of 2024, the company's main connector products generated revenue of 266 million yuan, a year-on-year increase of 10.17%, accounting for 66% of total revenue [3] - The gross margin for connector products improved by 7.19 percentage points to 23.23% due to enhanced production efficiency and cost reduction measures [3] - The company's R&D investment reached 36.67 million yuan, a year-on-year increase of 74.85% [2] Market Data - As of August 13, 2024, the company's stock price is 21.98 yuan, with a market capitalization of approximately 4.54 billion yuan [3] - The company is expected to achieve a net profit of 70 million yuan in 2024, with a projected P/E ratio of 64.7 times [3][5] Earnings Forecast - The company is projected to achieve revenues of 927 million yuan in 2024, with a growth rate of 28.69% [4] - The expected net profit for 2025 is 128 million yuan, with a P/E ratio of 35.6 times [4][5] - The company anticipates maintaining a gross margin of approximately 20.77% for the year [3]

行业点评报告 传媒行业 报告日期：2024 年 08 月 14 日 持仓集中度提升，行业配置比例下降 ——传媒行业 2024Q2 基金持仓分析 华龙证券研究所 最近一年走势 分析师：孙伯文 执业证书编号：S0230523080004 邮箱：sunbw@hlzqgs.com 《声智科技发布 AzeroGPT 算法升级成 果，开启 AI 硬件新体验—传媒行业周 报》2024.08.05 《7 月游戏版号发布，OpenAI 推出 AI 搜索工具 SearchGPT—传媒行业周报》 2024.07.29 《AIGC 赋能，带动传媒迎来增长新曲 线—传媒行业 2024 年度中期策略报告》 2024.07.22 事件： 截至目前，公募基金 2024Q2 持仓报告已基本披露，我们根据申 万传媒股票池（含 131 个传媒标的），对传媒板块的公募基金重仓持 股情况进行统计分析。 投资评级：推荐（维持） 观点： 较 2023Q2 与 2024Q1，2024Q2 A 股传媒持仓偏好有所回升。剔 除行业被动基金后，重仓持股中传媒持股市值为 133.56 亿元，持 股比例为 0.73%，环比增加 0.04pct，较 24Q1 有所回升 ...

Investment Rating - The investment rating for the company is "Accumulate" (首次覆盖) [1] Core Views - The company's performance is supported by a recovery in downstream demand, leading to steady revenue growth and improved profitability in core business areas. In the first half of 2024, the company achieved operating revenue of 1.183 billion yuan, a year-on-year increase of 19.92%, and a net profit attributable to shareholders of 130 million yuan, up 11.3% year-on-year [1][2] Summary by Sections Financial Performance - In the first half of 2024, the company reported operating revenue of 1.183 billion yuan, a 19.92% increase compared to the previous year. The net profit attributable to shareholders was 130 million yuan, reflecting an 11.3% year-on-year growth. The smart security segment generated revenue of 812 million yuan, up 10.92% year-on-year, with a gross margin of 33.58%, a slight increase of 1.19 percentage points [1][2] - The video intercom business saw revenue of 246 million yuan, a significant year-on-year increase of 71.14%, with a gross margin of 45.99%, up 3.16 percentage points [1] Market Dynamics - The recovery in downstream demand has led to a steady increase in performance, with inventory levels decreasing by approximately 62 million yuan compared to the end of 2023. The company is also expanding into niche market applications and accelerating the introduction of new products [1] Financial Projections - The company is expected to maintain its growth momentum, with projected revenue growth of 10.5% for the full year and a gross margin of approximately 33.5%. The video intercom business is anticipated to continue its strong performance, with a projected revenue growth of 75% for the year [1][2] - Forecasted net profits for 2024, 2025, and 2026 are 277 million yuan, 354 million yuan, and 445 million yuan, respectively, with corresponding P/E ratios of 49.3, 38.6, and 30.7 [2][3] Comparable Company Analysis - The report includes a comparison with similar companies, such as Allwinner Technology, Espressif Technology, and Hengxuan Technology, highlighting the company's competitive position and growth potential in the market [3] Cash Flow and Investment - The company received net cash inflow of 617 million yuan from its initial public offering, with a net increase in cash and cash equivalents of 152 million yuan, reflecting year-on-year increases of 387.7% and 164.13%, respectively. Investment projects are progressing steadily, with significant investments in AI ultra-high-definition IPCSoC chip development and new AI processor IP projects [1][4]

Investment Rating - The investment rating for the company is "Accumulate" (首次覆盖) [1] Core Views - The demand recovery supports performance growth, and the core business profitability is improving. In the first half of 2024, the company achieved operating revenue of 1.183 billion yuan, a year-on-year increase of 19.92%, and a net profit attributable to shareholders of 130 million yuan, a year-on-year increase of 11.3% [1][2] Summary by Relevant Sections Financial Performance - In the first half of 2024, the company's revenue reached 1.183 billion yuan, up 19.92% year-on-year, while the net profit attributable to shareholders was 130 million yuan, reflecting an 11.3% increase year-on-year. The smart security segment generated revenue of 812 million yuan, a 10.92% increase, with a gross margin of 33.58%, up 1.19 percentage points year-on-year [1][2] - The video intercom business saw revenue of 246 million yuan, a significant year-on-year increase of 71.14%, with a gross margin of 45.99%, up 3.16 percentage points [1] Market Dynamics - The recovery in downstream demand has supported steady growth in performance, with the main consumer sectors gradually rebounding. The company's inventory decreased by approximately 62 million yuan compared to the end of 2023, indicating improved demand dynamics [1] Investment Projects - The company received net cash inflow of 617 million yuan from its initial public offering, with a net increase in cash and cash equivalents of 152 million yuan, representing increases of 387.7% and 164.13% year-on-year, respectively. Ongoing investment projects include the development of next-generation AI ultra-high-definition IPCSoC chips and AI processor IP, with progress rates of 53.33% and 40.25%, respectively, both expected to be operational by the end of 2027 [1][2] Profit Forecasts - The company is expected to maintain the revenue growth rate of 10.5% for the full year, with a gross margin of approximately 33.5%. The video intercom business is projected to continue its rapid growth, achieving a revenue increase of 75% for the year [1][2] - Forecasted net profits for 2024, 2025, and 2026 are 277 million yuan, 354 million yuan, and 445 million yuan, respectively, with corresponding P/E ratios of 49.3, 38.6, and 30.7 [2][3]