海外科技公司2024Q2业绩总结 资本开支增长强劲，云与广告持续发力 西南证券研究发展中心 海外研究团队 2024年8月 核心观点 1 收入端稳健增长，利润端表现出色。24Q2四大科技公司合计实现营业收入3365亿美元，同比增长13%，净利润合计实现726亿美元， 整体净利率近22%，较24Q1环比增加0.3pp。科技厂商在成本和费用端积极优化，使得利润空间逐步释放，从组织提效成果来看， 22Q4-23Q4 Meta盈利能力提升明显，22Q4-24Q2亚马逊和谷歌改善效果次之，微软则基本保持平稳。 资本开支加速增长，算力需求有望延续。24Q2资本开支方面，微软（$190亿）＞亚马逊（$164亿）＞谷歌（$132亿）＞Meta （$85亿），微软投资力度领先，四大科技厂商合计资本开支yoy达66%，较24Q1的36%进一步提升，算力需求依然强劲。2024年 资本开支指引方面，微软表示24年资本支出将持续增加；谷歌预计24年每季度的资本支出将大致保持在24Q1或高于24Q1的水平； 亚马逊表示24H2资本开支将继续增加；Meta上调24年全年资本支出指引至370~400亿美元。2025年资本开支指引方面，微软预计 ...

202X`4[Table_ReportInfo] 年 08 月 10 日 证券研究报告•市场周评 北交所周报（8.5-8.9） 基础数据（ [Table_QuotePic] 8.5-8.9） 成分股个数 249 总市值（亿元） 3051.47 公司平均市值（亿元） 12.25 板块周交易金额（亿元） 152.53 平均周交易金额（亿元） 0.61 区间换手率（%） 13.72 太湖远大即将发行，成电光信提交注册 摘要 西南证券研究发展中心 [Table_Summary] 周观点：本周，北交所整体表现较弱，北证 50指数较周一开盘市值下降 2.0%。 本周，北交所共 6 家公司发布半年报，多家公司业绩报喜。下周，太湖远大 将发布上市公告。我们预计随着半年报披露以及北交所持续扩容，北交所投资 者信心将进一步提振，板块流动性将逐步改善。我们仍长期持续看好北交所发 展前景，建议把握净资产收益率高的北交所绩优公司以及提交上市申请的优质 公司，尤其是专精特新企业和科技成长型中小盘股，关注核心技术能力和长期 投资价值。 行情回顾：本周，北交所整体表现较弱：周五（8 月 9 日）收盘市值 3051.5 亿元，北证 50指数较 ...

[Table_IndustryInfo] 2024 年 08 月 11 日 强于大市(维持) 证券研究报告•行业研究•医药生物 医药行业创新药周报（8.5-8.11） 2024 年 8 月第二周创新药周报 （附小专题 CD3/CD19 研发概况） A 股和港股创新药板块及 XBI 指数本周走势 西南证券研究发展中心 [2024 Table_Summary 年 8月第二周，陆港两地创新药板块共计 ] 29个股上涨，32个股下跌。其中 涨幅前三为翰森制药(+13.7%)、百济神州(+13.3%)、金斯瑞生物科技(+12.48%)。 跌幅前三为歌礼制药-B(-16.98%)、圣诺医药-B(-13.01%)、药明巨诺-B(-11.31%)。 本周 A 股创新药板块上涨 0.59%，跑赢沪深 300 指数 2.15pp，生物医药下跌 2.27%。近 6个月 A 股创新药累计上涨 0.84%，跑赢沪深 300指数 1.48pp，生物 医药累计下跌 6.67%。 本周港股创新药板块上涨 3.29%，跑赢恒生指数 2.44pp，恒生医疗保健上涨 04.71%。近 6个月港股创新药累计上涨 0.74%，跑输恒生指数 4.19p ...

[ T able_StockInfo] 2024 年 08 月 12 日 证券研究报告•2024 年半年报点评 当前价：12.92 港元 再鼎医药（9688.HK）医疗保健 目标价：——港元 艾加莫德全年收入指引上调至超过 8000 万美元， 期待研发催化 [Table_Summary 事件：8月 7日，] 再鼎医药公布 2024年中期业绩，2024年二季度产品收入为 1 亿美元，首次在单季度实现产品收入超 1 亿美元，公司现金及现金等价物、短 期投资和受限制现金总计为 7.3 亿美元。 艾加莫德全年收入指引上调至超过 8000万美元。艾加莫德商业化持续兑现，艾 加莫德 2024 年一季度销售额达 1320 万美元，二季度销售额达 2320 万美元， 全年收入指引上调至超过 8000 万美元。2024 年 7 月，艾加莫德α皮下注射剂 型用于治疗乙酰胆碱受体抗体阳性的成人全身型重症肌无力适应症获批上市， 2024 年 5月，艾加莫德α皮下注射剂型用于治疗 CIDP 的 sBLA 申请获 NMPA 受理并纳入优先审评。 国家药监局于 2024年批准舒巴坦钠-度洛巴坦钠的上市。2024年 5月，再鼎医 药和 In ...

2024 年 08 月 09 日 证券研究报告•金融工程动态报告 因子情绪表现与基金仓位探测周跟踪（8.5-8.9） 因子情绪观察与基金仓位高频探测 两融情况：截至 2024 年 8月 8日，两融余额为 14236.82亿元，其中融资余额 为 14052.66 亿元，融券余额为 184.16 亿元。整体来看，本周融资净买入额及 融券净卖出额分别为 58.62亿元、-35.89亿元，相较于上周（-55.21亿元、-27.97 亿元）融资净买入额有所上升，融券净卖出额下降。 主动权益基金发行情况：本周主动权益基金发行规模总计 21.49亿元，相较于上 一周（28.60 亿元）有所降低。主动权益基金近一个月发行规模 107.48亿元。 摘要 西南证券研究发展中心 市场情绪跟踪 股指期货升贴水情况：截至本周末(2024年 8月 9日)，沪深 300、中证 1000、 上证 50以及中证 500股指期货均处于升水状态（现货价格低于期货价格），升 贴水率分别为-0.19%、-0.33%、-0.10%以及-0.17%。本周内股指期货长期处于 升水状态，其中沪深 300、中证 1000、上证 50 以及中证 500 股指期货 ...

Investment Rating - The investment rating for the company is "Hold" [1] Core Views - The company reported a revenue of 2.79 billion yuan for H1 2024, representing a year-on-year increase of 9.2%. The net profit attributable to shareholders was 437 million yuan, up 2.0% year-on-year, while the net profit excluding non-recurring items was 403 million yuan, an increase of 4.7% year-on-year [2] - In Q2 2024, the company achieved a revenue of 1.60 billion yuan, which is a 11.1% increase year-on-year and a 34.2% increase quarter-on-quarter. The net profit attributable to shareholders for Q2 was 304 million yuan, up 7.1% year-on-year and 129.4% quarter-on-quarter [2] - The company is focusing on strengthening its existing advantageous businesses, with significant contributions from environmental testing, industrial testing, and consumer product testing segments [2] - The company is actively investing in strategic sectors such as life sciences, new energy, and semiconductor testing, which are expected to drive long-term growth [2] Summary by Relevant Sections Financial Performance - For H1 2024, the life sciences segment generated 1.26 billion yuan in revenue, a 21.7% increase year-on-year, with a gross margin of 49.2%. The industrial testing segment achieved 560 million yuan in revenue, up 13.8% year-on-year, with a gross margin of 45.5% [2] - The trade assurance segment reported 380 million yuan in revenue, a 9.3% increase year-on-year, with a gross margin of 72.7%. The medical and pharmaceutical segment faced challenges, generating 140 million yuan in revenue, down 34.2% year-on-year [2] - The overall gross margin for H1 2024 was 49.5%, a slight increase of 0.15 percentage points year-on-year, while the net margin was 15.7%, down 1.48 percentage points year-on-year [2] Market Outlook - The company is well-positioned in the TIC industry, which has seen growth from 31,000 institutions in 2015 to 54,000 in 2023, with the market size expanding from 180 billion yuan to 467 billion yuan [2] - The domestic inspection and testing certification service industry is projected to reach a total revenue of 500 billion yuan by 2025, indicating significant growth potential [2] - The company maintains a competitive edge in traditional sectors while expanding into new growth areas, which is expected to support stable revenue growth [2] Earnings Forecast - The forecast for net profit attributable to shareholders for 2024-2026 is 1.02 billion, 1.17 billion, and 1.34 billion yuan, respectively, with corresponding EPS of 0.61, 0.70, and 0.80 yuan. The projected PE ratios are 19, 17, and 15 times for the respective years [3]

2024 年 08 月 11 日 迁 养坏 充报告•行业研究•汽 丰 汽车行业周报（8.5-8.9） 强于大市(维持) 7 月新能源乘用车渗透率达 51.1%, 新车周期开启有望刺激富永释怎 投资夫点 ● 投資难谈：７月新能源乘用车涉违率再创新高，批发站涉违率达 48.1%，网比 找升 12.4pp, 李告瑞渉连单达 51.1%, 网比找升 15pp, 开年以未优化电丰使 用环境、以旧换新等多套政策组合事效果开始显现，伴随以旧换新持续推进以 及下半年新车供给增加，看好后续车市表现。此外，享界 S9 猜规轿车正式发 布，年为丰型矩阵再度无著。该丰型搭载 ADS3.0，充分满足消费者对豪华与 省驾的宽未，上市 72 小时大定突破 4800 台，后续表现伤值得期待。投资机会 方面，建议关注以旧换新政策持续推进给行业带来的向上机会；建议关注年为 高阶智能驾驶 3.0 版本上市以及享界 S9 给智能驾驶板块、华为产业链带来的 机会； 此外， 建议关注关系 外重卡板块机会以及《关于实施老旧管运货车报废 更新》政策持续推进带未的重卡置换宽未释放机会。 ● 2.6%，今年累计李告 1,155.6 万辆，阿比增长 2.3%； ...

[Table_IndustryInfo] 2024 年 08 月 11 日 强于大市(维持) 证券研究报告•行业研究•汽车 汽车行业周报（8.5-8.9） 7 月新能源乘用车渗透率达 51.1%， 新车周期开启有望刺激需求释放 投资建议： [Table_Summary] 7 月新能源乘用车渗透率再创新高，批发端渗透率达 48.1%，同比 提升 12.4pp，零售端渗透率达 51.1%，同比提升 15pp，开年以来优化电车使 用环境、以旧换新等多套政策组合拳效果开始显现，伴随以旧换新持续推进以 及下半年新车供给增加，看好后续车市表现。此外，享界 S9 旗舰轿车正式发 布，华为车型矩阵再度完善。该车型搭载 ADS3.0，充分满足消费者对豪华与 智驾的需求，上市 72小时大定突破 4800台，后续表现仍值得期待。投资机会 方面，建议关注以旧换新政策持续推进给行业带来的向上机会；建议关注华为 高阶智能驾驶 3.0 版本上市以及享界 S9 给智能驾驶板块、华为产业链带来的 机会；此外，建议关注天然气重卡板块机会以及《关于实施老旧营运货车报废 更新》政策持续推进带来的重卡置换需求释放机会。 乘用车：乘联会数据，7月乘用车 ...

Investment Rating - The report recommends a positive investment rating for the chemical transportation industry, specifically highlighting Xingtong Co., Ltd. (603209.SH) as a key investment target due to its strategic positioning in international chemical transportation [2][34]. Core Insights - The ongoing Russia-Ukraine conflict has significantly impacted energy trade flows into Europe, with the chemical industry being particularly affected due to its reliance on energy-intensive processes and raw materials derived from oil and natural gas, which account for 38% of energy consumption [2][15]. - The global chemical shipping capacity is expected to remain controlled over the next 2-3 years, with a slowdown in capacity growth due to an aging fleet and stricter environmental regulations. As of June 2024, the total capacity of global chemical ships is 130 million deadweight tons, with a current order backlog representing 12.9% of this capacity [2][34]. - The demand for chemical transportation is projected to grow at a rate between 3.3% and 6.3% from 2023 to 2025, driven by the need for long-distance transportation of chemical goods [2][28]. Summary by Sections Global Chemical Market Overview - The global chemical industry reached a market size of $5.7 trillion in 2022, reflecting a year-on-year growth of 12.9%. China has emerged as the largest chemical sales country, accounting for 44% of the global market [10][11]. - In 2022, the European Union exported $758.9 billion worth of chemicals, representing 42.3% of its total chemical trade, while imports amounted to $775.2 billion [10][15]. Chemical Transportation Dynamics - Chemical transportation is primarily centered around three production and sales hubs, with a focus on inter-regional transport [12]. - The report notes that the supply of core chemical ships is at a low level, particularly in the large stainless steel ship segment, with limited orders and long delivery times [34][35]. Supply and Demand Outlook - The supply of chemical shipping capacity is expected to slow down, with a significant portion of the fleet aging. The report indicates that 11.3% of the current fleet is over 20 years old [34]. - The combination of supply constraints and increasing demand is likely to strengthen the spot market for chemical transportation [38][40].

Investment Rating - The report maintains a "Buy" rating for the company [1][2]. Core Insights - The company reported a revenue of 810 million yuan for the first half of 2024, representing a year-on-year growth of 16.2%. The net profit attributable to shareholders reached 110 million yuan, up 153.6% year-on-year, while the net profit after deducting non-recurring items was 120 million yuan, reflecting a growth of 169.8% [1]. - The company has shown significant improvement in profitability, with a gross margin of 40.1% in H1 2024, an increase of 4.15 percentage points year-on-year. The expense ratios for sales, management, and R&D have also improved, contributing to profit elasticity [1]. - The domestic DCS market is experiencing high demand, with the company successfully securing contracts for major projects, indicating a robust order growth trend [1]. - The company is expanding its industrial AI business and accelerating overseas expansion, which is expected to open up significant growth opportunities in the long term [1]. Financial Summary - For 2024, the company is projected to achieve a revenue of 1.9 billion yuan, with a growth rate of 35.03%. The net profit attributable to shareholders is expected to be 255.74 million yuan, reflecting a growth rate of 59.07% [3][5]. - The earnings per share (EPS) for 2024 is forecasted to be 1.07 yuan, with a price-to-earnings (PE) ratio of 15.02 [3][5]. - The company’s return on equity (ROE) is projected to increase to 12.22% in 2024, up from 8.60% in 2023 [3][5].