Investment Rating - The report maintains a "Hold" rating for TCL Smart Home (002668) [1][2] Core Views - In the first half of 2024, TCL Smart Home achieved revenue of 8.96 billion yuan, a year-on-year increase of 24.7%, and a net profit attributable to shareholders of 560 million yuan, up 32.7% year-on-year [1] - The growth was driven by the external ODM business, with significant increases in sales of refrigerators and washing machines, outperforming industry growth rates [1][2] - The company is positioned for future growth with a focus on smart home appliances, expecting EPS of 0.87 yuan, 1.04 yuan, and 1.20 yuan for 2024-2026 [2] Financial Performance Summary - Revenue for 2024 is projected at 17.72 billion yuan, with a growth rate of 16.75% [3] - Net profit attributable to shareholders is expected to reach 945.68 million yuan in 2024, reflecting a growth rate of 20.22% [3] - The company's gross margin for the first half of 2024 was 23%, a decrease of 5.2 percentage points year-on-year, primarily due to changes in product mix [1][2] Product and Market Position - TCL's washing machine sales in the domestic market rose to third place, while its refrigerator sales ranked sixth [2] - The company has maintained a leading position in technology, design, product quality, manufacturing costs, and operational efficiency [2] Future Outlook - The company aims to continue expanding its product categories in smart home appliances, which is expected to contribute to growth momentum [2] - The report anticipates stable financial performance with a focus on maintaining competitive advantages in the market [2][3]

[Table_StockInfo] 2024 年 08 月 13 日 证券研究报告•2024 年半年报点评 买入 （首次） 当前价：56.33 元 赛腾股份（603283）机械设备 目标价：74.34 元（6 个月） 请务必阅读正文后的重要声明部分 AI 加速落地，3C&半导体设备双重受益 [Table_Summary 事件：公司发布] 2024 年半年报，2024H1 公司实现营业收入 16.3 亿元，同比 增长 16.2%，实现归母净利润 1.5 亿元，同比增长 48.9%。2024Q2 公司实现 营业收入8.6亿元，同比增长24.5%，实现归母净利润0.6亿元，同比增长93.0%。 2024H1，受益于国内交付进度加速，业绩实现快速增长。 盈利能力明显改善，费用管控能力相对稳定。2024H1 公司毛利率、净利率分 别为 45.0%、10.0%，同比+4.6pp、+2.4pp，盈利能力提升较多。2024H1，公 司期间费用率为 33.2%，同比+0.4pp，其中销售/管理/研发/财务费用率分别同 比+0.9/-0.6/-1.0/+1.1pp，公司持续加大研发投入力度，研发费用率提升较多。 Q2 单季度毛利 ...

Investment Rating - The report maintains a "Hold" rating for TCL Smart Home (002668) [1][2] Core Views - In the first half of 2024, TCL Smart Home achieved a revenue of 8.96 billion yuan, representing a year-on-year growth of 24.7%. The net profit attributable to shareholders was 560 million yuan, up 32.7% year-on-year, while the net profit after deducting non-recurring items also reached 560 million yuan, reflecting a 42.2% increase [1][2] - The growth was primarily driven by the increase in ODM (Original Design Manufacturer) orders for exports, with domestic sales showing a slight decline [1][2] - The company is expected to continue expanding its product categories in smart home appliances, contributing to future growth [2] Summary by Sections Financial Performance - For Q2 2024, TCL Smart Home reported a revenue of 4.76 billion yuan, a year-on-year increase of 24.9%, and a net profit of 330 million yuan, up 36.1% year-on-year [1] - The overall gross margin for the first half of 2024 was 23%, down 5.2 percentage points year-on-year, attributed to changes in product mix [1][2] - The company’s sales, management, and R&D expense ratios were 3.6%, 3.5%, and 3.2% respectively, showing a slight decrease compared to the previous year [1] Product and Market Position - TCL's washing machine sales in the domestic market rose to third place, while its refrigerator sales ranked sixth. The company also maintained strong positions in international markets, particularly in Thailand and the Philippines [2] - The sales volume for refrigerators and washing machines in the first half of 2024 reached 8.34 million units and 1.66 million units, respectively, with growth rates of 22.9% and 46.5% year-on-year [1][2] Earnings Forecast - The earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 0.87 yuan, 1.04 yuan, and 1.20 yuan respectively, indicating a positive growth trajectory [2][3] - The report anticipates revenue growth rates of 16.75% in 2024, 11.21% in 2025, and 10.00% in 2026 [3]

Group 1: Social Financing Overview - As of the end of July 2024, the total social financing stock was CNY 395.72 trillion, with a year-on-year growth of 8.2%, an increase of 0.1 percentage points from the end of June[3] - In July, the social financing increment was CNY 770.8 billion, lower than market expectations, but CNY 234.2 billion higher than the same period last year[3] - The total amount of RMB loans to the real economy decreased by CNY 76.7 billion in July, marking the first negative growth since July 2005, and a year-on-year reduction of CNY 113.1 billion[3] Group 2: Loan Dynamics - From January to July 2024, RMB loans increased by CNY 13.53 trillion, with July alone seeing an increment of CNY 260 billion, a year-on-year decrease of CNY 859 billion[8] - Corporate loans increased by CNY 130 billion in July, while short-term loans decreased by CNY 550 billion, reflecting a year-on-year reduction of CNY 1.71 trillion[8] - Household loans decreased by CNY 210 billion in July, with short-term loans down by CNY 215.6 billion, continuing a trend of weak consumer credit demand[9] Group 3: Financing Structure - Direct financing saw a year-on-year increase, with new direct financing reaching CNY 917 billion in July, up CNY 298.5 billion from the previous year[5] - Government bond financing amounted to CNY 691.1 billion in July, a year-on-year increase of CNY 280.2 billion, primarily due to a low base effect[5] - The proportion of new RMB loans in the total social financing increment turned negative, indicating a shift towards direct financing sources[5] Group 4: Monetary Indicators - M2 growth was 6.3% year-on-year as of the end of July, with a slight increase of 0.1 percentage points from the previous month, but down 4.4 percentage points from the same period last year[13] - M1 decreased by 6.6% year-on-year, with the gap between M1 and M2 widening to 12.9 percentage points, reflecting weak corporate expectations and a shift in deposits[13] - The total RMB deposits decreased by CNY 800 billion in July, a year-on-year reduction of CNY 3.2 trillion, mainly due to increased deposits from households and non-bank financial institutions[13]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the next six months [1]. Core Insights - The company reported a significant revenue increase of 89.3% year-on-year, reaching 1.25 billion yuan in the first half of 2024, with a net profit of 210 million yuan, reflecting a 103.9% growth [1]. - The company has a strong product matrix and is focusing on high R&D investment to ensure long-term growth, with R&D expenses increasing by 46.5% to 180 million yuan [1]. - The company leads the market in charge pump products and is rapidly expanding its power adapter business, with notable growth in various consumer electronics sectors [1]. - The automotive electronics segment is also highlighted as a key area for future growth, with products already being adopted by major automotive manufacturers [1]. Financial Summary - Revenue projections for 2024-2026 are 2.46 billion yuan, 3.25 billion yuan, and 4.09 billion yuan, respectively, with net profits expected to be 400 million yuan, 600 million yuan, and 820 million yuan [2]. - The company’s gross margin for the first half of 2024 was 41.3%, with a net margin of 16.4%, showing slight improvements in net margin year-on-year [1]. - The operating cash flow for the first half of 2024 was 267 million yuan, a 61.9% increase compared to the previous year [1].

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 | --- | --- | |-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

[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 ...

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 ...