Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a significant increase in revenue and net profit for the first half of 2024, with revenue reaching 3.418 billion yuan, up 142% year-on-year, and net profit of 255 million yuan, up 722% year-on-year [1] - The gross margin improved to 15.4%, an increase of 4.2 percentage points year-on-year, while the net profit margin reached 7.5%, up 10.4 percentage points year-on-year [1] - The company is focusing on technological innovation and has seen a rise in the proportion of high-voltage wiring harnesses in its product mix, which is expected to drive further growth [2] Summary by Sections Financial Performance - In Q2 2024, the company achieved revenue of 1.885 billion yuan, a year-on-year increase of 149% and a quarter-on-quarter increase of 23% [1] - The net profit for Q2 2024 was 154 million yuan, up 1058% year-on-year and 53% quarter-on-quarter [1] - The company’s gross margin for Q2 2024 was 16.5%, up 5 percentage points year-on-year and 2.6 percentage points quarter-on-quarter, while the net profit margin was 8.2%, up 10.3 percentage points year-on-year [1] Market and Product Development - The company is expanding its market presence in the high-voltage wiring harness sector, which is crucial for electric vehicles, with a unit value exceeding 5000 yuan compared to 3000 yuan for traditional fuel vehicles [2] - The company has developed a full range of high-voltage connectors and charging sockets, with products already deployed in various automotive projects [2] Earnings Forecast - The company is projected to have earnings per share (EPS) of 1.36 yuan, 1.75 yuan, and 2.06 yuan for 2024, 2025, and 2026 respectively, with a compound annual growth rate (CAGR) for net profit of 155% [2] - The price-to-earnings (PE) ratios are expected to be 17, 13, and 11 for the same years [2]

Investment Rating - The report maintains a "Buy" rating for Jingce Electronic (300567) [1] Core Views - Semiconductor business is rapidly expanding, while display business is gradually recovering [2] - The company achieved revenue of 1.12 billion yuan in H1 2024, a year-on-year increase of 1.0% [2] - Net profit attributable to the parent company was 49.83 million yuan, a significant year-on-year increase of 312.0% [2] - The company's gross profit margin was 43.1% in H1 2024, a slight decrease of 0.7 percentage points year-on-year [2] - The net profit margin was 3.9%, an increase of 4.6 percentage points year-on-year [2] Business Performance Revenue Breakdown - Display business revenue: 780 million yuan, up 5.4% year-on-year [2] - Semiconductor business revenue: 230 million yuan, up 86.2% year-on-year [2] - New energy business revenue: 90 million yuan, down 59.8% year-on-year [2] Order Backlog - Total order backlog: 3.44 billion yuan, up 10.0% year-on-year [2] - Display orders: 1.04 billion yuan, down 17.1% year-on-year [2] - Semiconductor orders: 1.77 billion yuan, up 29.5% year-on-year [2] - New energy orders: 670 million yuan, up 30.0% year-on-year [2] R&D and Product Development - R&D investment in H1 2024: 300 million yuan, up 2.6% year-on-year [3] - Display R&D: 140 million yuan, down 6.9% year-on-year [3] - Semiconductor R&D: 130 million yuan, up 31.3% year-on-year [3] - New energy R&D: 30 million yuan, down 31.1% year-on-year [3] - The company established Shenzhen Jingce to expand into AR/VR-related businesses in the new display field [3] - Micro-OLED module testing equipment has been delivered to global top customers [3] - The company has reached core optical instrument customization cooperation with leading AR customers [3] Financial Projections - Expected net profit attributable to the parent company: - 2024: 240 million yuan [3] - 2025: 320 million yuan [3] - 2026: 450 million yuan [3] - Expected PE ratio: - 2024: 61x [3] - 2025: 45x [3] - 2026: 33x [3] - Expected revenue growth rate: - 2024: 17.92% [4] - 2025: 25.60% [4] - 2026: 22.96% [4] Industry Trends - Display business recovery driven by: - Large-size OLED new factory investments [2] - AIPC and AI phone equipment updates [2] - Micro-OLED expansion projects [2] - Production automation upgrades in old production lines [2] - Semiconductor business growth supported by: - Data center development [3] - Supercomputing industry expansion [3] - AI industry growth [3]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 31.80 CNY over the next six months [1][7]. Core Views - The company's performance is currently under pressure due to lower-than-expected sales from downstream customers, impacting revenue and net profit [1]. - The company is actively enhancing its production capacity, particularly in integrated die-casting, which is expected to contribute significantly to future revenue growth [1]. - The report anticipates a compound annual growth rate (CAGR) of 10.53% for net profit over the next three years [1]. Summary by Sections Financial Performance - For the first half of 2024, the company reported revenue of 1.53 billion CNY, a year-on-year decrease of 11.6%, and a net profit of 220 million CNY, also down 11.6% [1]. - In Q2 2024, revenue was 750 million CNY, down 17.1% year-on-year and 3.6% quarter-on-quarter, with a net profit of 100 million CNY, down 26.3% year-on-year and 9.4% quarter-on-quarter [1]. - The gross margin for H1 2024 was 22.5%, a decline of 2.2 percentage points year-on-year, while the net margin was 14.2%, a slight decrease of 0.1 percentage points year-on-year [1]. Production Capacity and Strategy - The company is expanding its integrated die-casting capabilities, with four production lines in Jiangsu and Anhui now classified as fixed assets as of June 30, 2024 [1]. - A new production line is under construction in Changzhou, Jiangsu, expected to start mass production in 2025, with a projected sales value of 2.1 to 2.3 billion CNY over its lifecycle [1]. - The company is also investing 900 million CNY in a smart manufacturing base in Shanghai to enhance customer engagement and product demand [1]. Earnings Forecast - The report projects earnings per share (EPS) for 2024, 2025, and 2026 to be 2.12 CNY, 2.46 CNY, and 2.81 CNY, respectively, with corresponding price-to-earnings (PE) ratios of 9, 8, and 7 [1][6]. - Revenue is expected to grow to 4.18 billion CNY in 2025 and 6.25 billion CNY in 2026, reflecting year-on-year growth rates of 20.05% and 24.53%, respectively [6][11].

[Table_IndustryInfo] 2024 年 08 月 25 日 跟随大市(维持) 证券研究报告•行业研究•传媒 影视传媒行业周报（0818-0824） 快手可灵 AI 推出会员订阅计划，关注游戏板块新游上线进展 基础数据 | --- | --- | |-------------------------------------|----------------------| | [Table_BaseData] 股票家数 | 129 | | 行业总市值（亿元） | 10,443.50 | | 流通市值（亿元） | 10,379.99 | | 行业市盈率 TTM | 24.4 | | 沪深 300 市盈率 TTM | 11.5 | | 相关研究 | | | [Table_Report]1. 影视传媒行业周报（ | 0811-0817）：黑神 | | 话：悟空即将全球上线，看好板块活跃 | | | 度提升 (2024-08-19) | | | 2. 影视传媒行业周报（ | 0804-0810）：阿里 | | 开源 Qwen2-Math | 系列，看好游戏低位 | | 布局机会 (2024-08-14) ...

[Table_IndustryInfo] 2024 年 08 月 25 日 跟随大市(维持) 证券研究报告•行业研究•传媒 影视传媒行业周报（0818-0824） 快手可灵 AI 推出会员订阅计划，关注游戏板块新游上线进展 基础数据 | --- | --- | |-------------------------------------|----------------------| | [Table_BaseData] 股票家数 | 129 | | 行业总市值（亿元） | 10,443.50 | | 流通市值（亿元） | 10,379.99 | | 行业市盈率 TTM | 24.4 | | 沪深 300 市盈率 TTM | 11.5 | | 相关研究 | | | [Table_Report]1. 影视传媒行业周报（ | 0811-0817）：黑神 | | 话：悟空即将全球上线，看好板块活跃 | | | 度提升 (2024-08-19) | | | 2. 影视传媒行业周报（ | 0804-0810）：阿里 | | 开源 Qwen2-Math | 系列，看好游戏低位 | | 布局机会 (2024-08-14) ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported strong performance in H1 2024, with revenue of 22.53 billion yuan, a year-on-year increase of 19.4%, and a net profit attributable to shareholders of 1.59 billion yuan, up 18.9% year-on-year [2] - The drilling platform day rates continue to recover, contributing to the overall growth in various business segments [2] - The company is benefiting from high oil prices, which are driving capital expenditure growth and sustaining the favorable outlook for the offshore oil and gas sector [2] Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 225.3 billion yuan, with Q2 revenue at 123.8 billion yuan, reflecting an 18.8% year-on-year growth [2] - The gross margin improved to 16.4%, up 1.6 percentage points year-on-year, while the net margin was 7.6%, down 0.1 percentage points [2] - The company expects net profits for 2024-2026 to be 3.89 billion, 4.77 billion, and 5.51 billion yuan respectively, with a compound annual growth rate of 22% [3] Business Segments - Drilling services revenue reached 6.42 billion yuan, a year-on-year increase of 18.2%, with day rates for self-elevating and semi-submersible platforms increasing by 7.2% and 8.9% respectively [2] - Oilfield technical services generated 12.83 billion yuan, up 20.8% year-on-year, while marine services revenue was 2.18 billion yuan, up 14.2% [2] Market Outlook - The global oilfield services market is projected to grow by 7.1% in 2024, driven by increased exploration and development investments from oil and gas companies [2] - The company is well-positioned as a leader in the offshore oil services sector, benefiting from the industry's high demand and favorable conditions [2]

[Table_StockInfo] 2024 年 08 月 27 日 证券研究报告•2024 年中报点评 持有 （维持） 当前价：31.70 元 步科股份（688160）机械设备 目标价：——元（6 个月） 23-08 23-10 23-12 24-02 24-04 24-06 2024H1 营收稳健增长，短期盈利能力承压 [Table_Summary 事件：公司公布] 2024 中报，2024H1 公司实现营业收入 2.56 亿元，同比增长 9.16%；实现归母净利润 0.23亿元，同比下降 26.65%。2024Q2公司实现营业 收入 1.44 亿元，同比增长 11.30%，环比增长 28.85%；实现归母净利润 0.12 亿元，同比下降 31.34%，环比增长7.34%。 公司各业务均实现增长，其中机器人业务保持稳定增长，通用自动化业务有所 恢复。公司属于工控零部件制造行业，2024年以来整体下游需求一般，公司营 收实现稳健增长，其中 2024H1 机器人营收 9675 万元，同比增长 11.90%，机 器物联网营收 7377万元，同比增长 0.94%，通用自动化营收 6444万元，同比 增长 16.3 ...

Investment Rating - The investment rating for the company is "Hold" [1] Core Views - The company reported a significant revenue growth of 29.68% year-on-year in H1 2024, achieving a total revenue of 316 million yuan. The net profit attributable to shareholders increased by 44.22% year-on-year, reaching 54 million yuan [1][2] - The demand in downstream sectors, particularly in consumer electronics, automotive, and aerospace, has improved, leading to high growth in superhard tools and cemented carbide tools. The company has successfully developed multiple well-known domestic and international clients and is enhancing its product variety and specifications [2] - The company's gross margin improved significantly to 47.19% in H1 2024, up by 4.33 percentage points year-on-year, while the net profit margin was 17.02%, an increase of 1.61 percentage points year-on-year [3] Financial Summary - For H1 2024, the company achieved a revenue of 316 million yuan, with a year-on-year growth of 29.68%. The net profit attributable to shareholders was 54 million yuan, reflecting a year-on-year increase of 44.22% [1] - In Q2 2024, the revenue was 168 million yuan, showing a year-on-year growth of 23.54% and a quarter-on-quarter growth of 13.17%. The net profit for Q2 was 31 million yuan, with a year-on-year increase of 11.53% and a quarter-on-quarter increase of 28.69% [1] - The company forecasts net profits attributable to shareholders of 130 million yuan, 160 million yuan, and 190 million yuan for 2024, 2025, and 2026 respectively, indicating a compound annual growth rate of 26% over the next three years [3][4]

[Table_StockInfo] 2024 年 08 月 27 日 证券研究报告•2024 年中报点评 持有 （维持） 当前价：31.70 元 步科股份（688160）机械设备 目标价：——元（6 个月） 23-08 23-10 23-12 24-02 24-04 24-06 2024H1 营收稳健增长，短期盈利能力承压 [Table_Summary 事件：公司公布] 2024 中报，2024H1 公司实现营业收入 2.56 亿元，同比增长 9.16%；实现归母净利润 0.23亿元，同比下降 26.65%。2024Q2公司实现营业 收入 1.44 亿元，同比增长 11.30%，环比增长 28.85%；实现归母净利润 0.12 亿元，同比下降 31.34%，环比增长7.34%。 公司各业务均实现增长，其中机器人业务保持稳定增长，通用自动化业务有所 恢复。公司属于工控零部件制造行业，2024年以来整体下游需求一般，公司营 收实现稳健增长，其中 2024H1 机器人营收 9675 万元，同比增长 11.90%，机 器物联网营收 7377万元，同比增长 0.94%，通用自动化营收 6444万元，同比 增长 16.3 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported strong performance in H1 2024, with revenue of 22.53 billion yuan, a year-on-year increase of 19.4%, and a net profit attributable to shareholders of 1.59 billion yuan, up 18.9% year-on-year [2] - The drilling platform day rates continue to recover, contributing to the overall growth in various business segments [2] - The company is benefiting from high oil prices, which are driving capital expenditure growth and sustaining the positive outlook for the offshore oil and gas sector [2] Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 225.3 billion yuan, with Q2 revenue at 123.8 billion yuan, reflecting an 18.8% year-on-year growth [2] - The gross margin improved to 16.4%, up 1.6 percentage points year-on-year, while the net margin was 7.6%, down 0.1 percentage points [2] - The company expects net profits for 2024-2026 to be 3.89 billion, 4.77 billion, and 5.51 billion yuan respectively, with a compound annual growth rate of 22% [3] Business Segments - Drilling services revenue reached 6.42 billion yuan, up 18.2% year-on-year, with day rates for self-elevating and semi-submersible platforms increasing by 7.2% and 8.9% respectively [2] - Oilfield technical services generated 12.83 billion yuan, a 20.8% increase, while marine services and geophysical exploration services also saw significant growth [2] Market Outlook - The global oilfield services market is projected to grow by 7.1% in 2024, driven by increased exploration and development investments from oil and gas companies [2] - The company is well-positioned as a leader in the offshore oil services sector, poised to benefit from the industry's ongoing high demand [2]