证 券 研 究 报 告 行 业 周 报 | --- | --- | |--------------------------|-----------------------------| | | | | [ 行业 Table_Industry] : | 医药生物 | | 日期 : | shzqdatemark 2024年09月07日 | | [Table_Author] 分析师 : | 王真真 | | Tel: | 021 -53686246 | | E-mail: | wangzhenzhen@shzq.co m | | SAC 编号 : | S0870524030001 | | 分析师 : | 梁瑞 | | Tel: | 021-53686409 | | E-mail: | liangrui@shzq.com | | SAC 编号 : | S0870523110001 | [Table_QuotePic] 最近一年行业指数与沪深 300 比较 医药生物 沪深300 -21% -17% -13% -9% -5% -1% 3% 7% 11% 09/23 11/23 01/24 04/24 06/24 09/24 ...

Investment Rating - The report maintains a "Buy" rating for the beauty and personal care sector [19] Core Insights - The cosmetics industry is experiencing increased differentiation, with a focus on channel, product, and organizational optimization. The total revenue for cosmetics in H1 2024 is projected to be 27.292 billion yuan, representing a year-on-year increase of 17.33%. The net profit attributable to the parent company for the same period is expected to be 4.080 billion yuan, up 20.71% year-on-year [4][5] - The medical beauty sector shows a slowdown in overall growth, with a focus on new materials and products driving performance. The total revenue for medical beauty in H1 2024 is expected to reach 8.702 billion yuan, a year-on-year increase of 15.36%. The net profit attributable to the parent company is projected to be 1.957 billion yuan, reflecting a year-on-year increase of 26.16% [4][12] Summary by Sections Cosmetics - Revenue for H1 2024 is projected at 27.292 billion yuan, with a year-on-year growth of 17.33%. Q2 alone is expected to generate 11.487 billion yuan, a 5.58% increase year-on-year [5][8] - The net profit attributable to the parent company for H1 2024 is expected to be 4.080 billion yuan, up 20.71% year-on-year, while Q2's net profit is projected at 1.319 billion yuan, down 3.99% year-on-year [5][8] - The overall gross margin for cosmetics in H1 2024 is expected to be 69.99%, showing a continuous improvement attributed to changes in product structure. The management expense ratio has improved, while the sales expense ratio continues to rise [8][4] Medical Beauty - Revenue for H1 2024 is projected at 8.702 billion yuan, with a year-on-year growth of 15.36%. Q2 is expected to generate 3.777 billion yuan, a 11.68% increase year-on-year [12][14] - The net profit attributable to the parent company for H1 2024 is expected to be 1.957 billion yuan, reflecting a year-on-year increase of 26.16%, with Q2's net profit projected at 1.028 billion yuan, up 26.78% year-on-year [12][14] - The overall gross margin for medical beauty in H1 2024 is expected to be 64.50%, with Q2's gross margin at 70.83%. The management and R&D expense ratios remain stable, while the sales expense ratio has improved due to enhanced efficiency [14][12] Investment Recommendations - The report suggests focusing on the trend of cost-effective consumption, highlighting companies like Runben and Shangmei. It also emphasizes strong alpha beauty leaders such as Proya, Juzhibio, and Aimeike. Additionally, it recommends paying attention to new product catalysts in medical beauty, including Jinbo Biological and Jiangsu Wuzhong [19][4]

证 券 研 究 报 告 行 业 周 报 越南纺服出口稳步增长，关注前瞻布局 海外产能的国产织造龙头 [行业Table_Industry] : 纺织服饰 日期: shzqdatemark 2024年09月08日 [Table_Author] 分析师: 杜洋 Tel: 021-53686169 E-mail: duyang@shzq.com SAC 编号: S0870523090002 [Table_QuotePic] 最近一年行业指数与沪深 300 比较 -27% -23% -19% -16% -12% -8% -5% -1% 3% 09/23 11/23 01/24 04/24 06/24 09/24 纺织服饰 沪深300 [Table_ReportInfo] 相关报告： 《出海及织造板块中报优异，建议持续关 注》 ——2024 年 09 月 01 日 《纺织制造 24H1 业绩稳健，关注中报超预 期龙头》 ——2024 年 08 月 25 日 《7 月纺服社零略微承压，奥运提振体育用 品销售增长》 ——2024 年 08 月 18 日 ——轻工纺服行业周报（20240902-0906） [Table_Rat ...

Industry Investment Rating - Overweight (Maintained) [1] Core Views - Computing power is the foundation of AI systems, driving GDP growth, digital transformation, and industrial digitization [2] - The computing power industry chain spans GPU chips, servers, IDC providers, and AIGC application service providers, offering significant investment opportunities [2] - Key investment logic includes the evolution of GPU chips, server market growth, IDC customization, computing power leasing, and computing power scheduling [2] Industry Chain Analysis Upstream: GPU Chips and Moore's Law - Traditional Moore's Law is gradually becoming obsolete, with computing power driving a new version of Moore's Law [2][11] - GPU, ASIC, and FPGA are becoming increasingly important due to the growing demand for AI computing power [13] Midstream: Server Market - The AI server market is experiencing rapid growth, with global AI server shipments expected to reach 1.9 million units by 2025, a CAGR of 29% from 2022-2026 [15] - AI server prices are significantly higher than general-purpose servers, with mainstream AI servers priced between $100,000-$150,000 per unit [15] Downstream: Data Centers and AIGC Applications - Data centers are expanding rapidly, with China Mobile and China Telecom leading in computing power scale and regional node construction [25] - AIGC applications are expected to grow significantly, with China's AIGC industry projected to reach 7.2 trillion yuan by 2028 and 11.4 trillion yuan by 2030 [19][20] Company Analysis Industrial Fulian - A key supplier for NVIDIA's A100 and H100 GPU boards, with a dominant market share in high-speed switches [34] - The company is advancing in AI-driven switch iterations, with 800G switches expected to contribute to revenue by 2024 [34] Inspur Information - A global leader in server market share, ranking second globally and first in China [36] - The company has launched the G7 computing platform and AI training servers with significant performance improvements [36] Sugon - Specializes in high-end servers with advanced cooling technologies and strong R&D capabilities [38] - The company has made breakthroughs in domestic chip-based server development and holds multiple patents [38] Yunsai Zhilian - Focuses on big data, industry solutions, and intelligent products, with significant investments in AI computing centers [40] - The company's Yidian Computing Center is expected to become a leading AI computing facility in China [40] Da Ming City - Transitioning into computing power leasing, with a focus on the "Hong Kong Data, Fujian Computing" model [42] - The company is exploring new business models in collaboration with Fujian Big Data Group [42] Hengwei Technology - A leader in network visualization, transitioning towards intelligent visualization [44] - The company has strong relationships with telecom operators and has secured significant contracts in the visualization sector [44]

证 券 研 究 报 告 行 业 专 题 "一期一观"：核电蓄能，成长和确定性 兼备 [行业Table_Industry] : 公用事业 日期: shzqdatemark 2024年09月06日 [Table_Author] 分析师: 方晨 Tel: 021-53686475 E-mail: fangchen@shzq.com SAC 编号: S0870523060001 [Table_QuotePic] 最近一年行业指数与沪深 300 比较 公用事业 沪深300 -17% -13% -9% -5% -1% 2% 6% 10% 14% 09/23 11/23 01/24 04/24 06/24 09/24 [Table_ReportInfo] 相关报告： 《《中国的能源转型》白皮书发布，推进能 源转型》 ——2024 年 09 月 02 日 《国常会核准 5个新项目，核电项目提速》 ——2024 年 08 月 27 日 《配电网高质量发展，风电光伏装机首超 煤电》 ——2024 年 08 月 19 日 [Table_Rating] 增持（维持） [◼Table_Summary] 主要观点 回顾：我国核电行业目前 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4][11]. Core Views - The company has demonstrated stable growth in its rail transit business, with a significant increase in revenue from new energy locomotive development and overseas market expansion [5]. - The emerging equipment business is expected to see breakthroughs driven by innovation, particularly in power semiconductor devices and carbon silicon products [5]. - The company is well-positioned to capitalize on the opportunities presented by the "new infrastructure" initiative, particularly in the intercity and urban rail sectors [5]. Financial Summary - For the first half of 2024, the company achieved operating revenue of 10.284 billion yuan, a year-on-year increase of 19.99%, and a net profit attributable to shareholders of 1.507 billion yuan, up 30.56% year-on-year [5]. - The rail transit equipment segment generated revenue of 6.139 billion yuan in 2024H1, reflecting a year-on-year growth of 30.87% [5]. - The emerging equipment business reported revenue of 4.094 billion yuan in 2024H1, with a year-on-year increase of 9.21% [5]. Earnings Forecast - The forecast for net profit attributable to shareholders for 2024-2026 is adjusted to 3.750 billion yuan, 4.374 billion yuan, and 5.285 billion yuan, corresponding to year-on-year growth rates of 20.76%, 16.61%, and 20.84% respectively [5][6]. - The earnings per share (EPS) for the same period is projected to be 2.66 yuan, 3.10 yuan, and 3.74 yuan, with corresponding price-to-earnings (PE) ratios of 17, 14, and 12 times [5][6]. Market Position - The company maintains a stable market share in the rail transit sector, with significant orders in the urban rail signaling system contributing to revenue growth [5]. - The company ranks among the top in the domestic market for photovoltaic inverters, with a bid-winning capacity of 8.35 GW in 2024H1 [5][7].

证 券 研 究 报 告 事 件 点 评 [Table_Author] 分析师: 杜洋 Tel: 021-53686169 E-mail: duyang@shzq.com SAC 编号: S0870523090002 [Table_ReportInfo] 相关报告： | --- | --- | |-------------------------------------------|--------------------------------| | | | | [Table_QuotePic] 最近一年行业指数与沪深 | 300 比较 | | -4% 0% 09/23 11/23 01/24 轻工制造 | 04/24 06/24 09/24 沪深 300 | | -13% -9% | | | -26% -22% -18% | | | -31% | | | -35% | | [行业Table_Industry] : 轻工制造 日期: shzqdatemark 2024年09月04日 [Table_Rating] 增持（维持） [◼Table_Summary] 主要观点 事件：9 月 2 日，国家烟草专卖局发布 ...

证 券 研 究 报 告 行 业 周 报 [行业Table_Industry] : 基础化工 日期: shzqdatemark 2024年09月03日 [Table_Author] 分析师: 于庭泽 SAC 编号: S0870523040001 [Table_QuotePic] 最近一年行业指数与沪深 300 比较 -29% -25% -22% -18% -14% -11% -7% -4% 0% 09/23 11/23 01/24 04/24 06/24 08/24 基础化工 沪深300 [Table_ReportInfo] 相关报告： 《HFCs 配额再调整，三代制冷剂涨价趋势 不改 ——基础化工行业周报（2024.8.19- 2024.8.25）》 ——2024 年 08 月 27 日 《国际油价震荡运行，碳酸锂价格大幅下 跌 ——基 础 化 工 行 业 周 报 （2024.8.12- 2024.8.18）》 ——2024 年 08 月 21 日 《三部委发文禁止新建受控 HFCs产能，维 生素、烟酰胺涨幅居前 ——基础化工行业 周报（2024.8.5-2024.8.11）》 ——2024 年 08 月 1 ...

证 券 研 究 报 告 ◼ 行 业 周 报 甘肃电力现货市场将转正式运行， 鹏辉发布第一代固态电池技术 ——电力设备与新能源行业周报（2024.08.26-08.30） [Table_Rating] 增持（维持） [◼Table_Summary] 行情回顾 过去一周，电力设备行业上涨 4.32%，表现强于大盘，在所有一级行 业中涨跌幅排名第2。分子板块看，光伏设备上涨7.08%，风电设备上 涨 6.69%，电机上涨 5.49%，电池上涨 3.39%，其他电源设备上涨 3.19%，电网设备上涨 2.62%。 ◼ 电力设备：甘肃电力现货市场即将转正式运行 8 月 27 日上午，甘肃省政府新闻办举行"深入学习贯彻党的二十届三 中全会精神 为中国式现代化甘肃实践贡献电网力量"新闻发布会，甘 肃电力现货市场将于 9 月 5 日转正式运行。我们认为，随着电力市场 化的推进和电力现货市场建设，电力设备需求有望持续保持增长，看 好电力设备板块成长的确定性和持续性，建议关注板块投资机会。 出海：推荐海兴电力、伊戈尔，建议关注威胜信息、三星医疗、金盘 科技、华明装备、神马电力、明阳电气、华通线缆。 特高压：建议关注许继电气、平高 ...

| --- | |-------| | | | | | --- | |-------| | | | | | | | | | | [行业Table_Industry] : 机械 日期: shzqdatemark 2024年09月05日 [Table_Author] 分析师: 刘阳东 Tel: 021-53686144 E-mail: liuyangdong@shzq.com SAC 编号: S0870523070002 分析师: 吴婷婷 Tel: 021-53686158 E-mail: wutingting@shzq.com SAC 编号: S0870523080001 | --- | --- | |-----------------------------------------|----------------------------------| | | | | [Table_QuotePic] 最近一年行业指数与沪深 | 300 比较 | | -5% -1% 2% 09/23 11/23 | 04/24 06/24 08/24 沪深 300 | | --- | --- | |------------- ...