Investment Rating - The investment rating for the company is upgraded to "Accumulate" [1] Core Views - The company reported a revenue growth of 8% year-on-year for H1 2024, but net profit decreased by 49% due to stock incentive expenses [1] - The lubricating system business experienced a decline in gross margin, while the hydraulic system revenue saw a significant increase of 95.85% year-on-year, contributing 24.52% to total revenue [1] - The company is actively expanding its product applications beyond wind power, with positive results observed in sectors such as construction machinery and rail transportation [1] Financial Performance Summary - For H1 2024, the company achieved revenue of 118.17 million and a net profit of 16.28 million, reflecting a year-on-year change of +20.31% and -43.53% respectively [1] - The average gross margin for the lubricating system was approximately 44.72%, down by 5.36 percentage points year-on-year [1] - The company expects revenues of 518 million, 722 million, and 1 billion for 2024, 2025, and 2026 respectively, with corresponding net profits of 91 million, 151 million, and 229 million [2][3] Key Financial Metrics - The projected P/E ratios for 2024, 2025, and 2026 are 31.69, 19.15, and 12.58 respectively [2][4] - The gross margin is expected to decline from 44.4% in 2023 to 39.2% in 2024, before stabilizing around 39.2% in 2026 [2][4] - The company's return on equity (ROE) is projected to improve from 4.2% in 2024 to 8.9% in 2026 [2][4]

厦钨新能（ [Table_StockNameRptType] 688778） 公司点评 业绩符合预期，钴酸锂出货稳步增长 [Table_Rank] 投资评级：买入（维持） 报告日期： 2024-09-10 主要观点： ⚫[Table_Summary] 业绩 | --- | --- | |----------------------------------------------------------|-----------------| | | | | [Table_BaseData] 收盘价（元） 近 个月最高 最低（元） | 26.75 | | 12 / 总股本（百万股） | 44.49/25.32 421 | | 流通股本（百万股） | 421 | | 流通股比例（ % ） | 100.00 | | 总市值（亿元） | 113 | | 流通市值（亿元） | 113 | [公司价格与沪深 Table_Chart] 300 走势比较 -48% -33% -18% -2% 13% 9/23 12/23 3/24 6/24 厦钨新能 沪深300 [Table_Author] 分析师：张志邦 执业证书号：S00 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance met expectations, with silicon-based products leading the industry. The negative electrode shipment volume remains the highest in the industry, and gross margin has improved year-on-year. The company is also accelerating product research and development, with silicon-based negative electrode products ahead of peers [1][2]. Financial Performance - For the first half of 2024, the company reported operating revenue of 7.038 billion yuan, a year-on-year decrease of 47.57%. The net profit attributable to the parent company was 493 million yuan, down 41.84% year-on-year. The company achieved a negative electrode revenue of 5.179 billion yuan, with a shipment volume exceeding 200,000 tons, representing an 18.96% year-on-year increase [1][2]. - The company’s total assets are projected to grow from 29.385 billion yuan in 2023 to 40.297 billion yuan by 2026, with current assets increasing from 13.866 billion yuan to 26.781 billion yuan over the same period [2][3]. Profitability Metrics - The gross margin is expected to decline from -28.4% in 2023 to -27.4% in 2024, before improving to 30.7% in 2025 and 8.6% in 2026. The net profit margin is projected to be -2.2% in 2023, -9.9% in 2024, and then recover to 17.1% in 2025 and 14.9% in 2026 [3][2]. Market Position - The company is one of the earliest producers of silicon-based negative materials in China, with a production capacity of 49.5 thousand tons per year for negative materials as of the report date. The company is also focusing on cost reduction and efficiency improvements through various initiatives [1][2].

[Table_StockNameRptType] 金融工程 专题报告 RSAP-DFM：基于连续状态的动态因子模型 ——"学海拾珠"系列之二百零四 [Table_RptDate] 报告日期：2024-09-11 [Table_Author] 分析师：骆昱杉 执业证书号：S0010522110001 邮箱：luoyushan@hazq.com 分析师：严佳炜 执业证书号：S0010520070001 邮箱：yanjw@hazq.com 5. 《宏观趋势与因子择时——"学海 拾珠"系列之一百九十九》 6. 《另类情绪指标与股票市场收益之 间的关系——"学海拾珠"系列之一 百九十八》 7. 《基金在风格层面的情绪择时—— "学海拾珠"系列之一百九十七》 8. 《宏观环境对价值溢价的影响—— "学海拾珠"系列之一百九十六》 主要观点： [Table_Summary] 本篇是"学海拾珠"系列第二百零四篇，文章提出了一个基于连续 状态的动态因子模型 RSAP-DFM，该模型自适应地提取连续的宏观经济 信息，并通过双重状态转换对股票收益的进行动态显式映射，引入遵循 对抗学习思想的后验因子有效地纠正了先前因子映射的偏差。 [ ...

Investment Rating - The report recommends a "Buy" rating for Qianhe Flavor Industry, highlighting its strong growth potential in the zero-additive soy sauce market [1][63]. Core Insights - The report emphasizes the rapid increase in penetration rates for zero-additive soy sauce, with Qianhe achieving continuous high growth over four consecutive quarters since Q4 2022 [1][3]. - The zero-additive soy sauce market is projected to reach a scale of 45 billion yuan, with a significant portion (60%) coming from lower-tier markets [1][25]. - Qianhe's product structure is expected to optimize as the zero-additive product ratio increases, leading to improved profit margins [1][52]. Summary by Sections 1. Review: Rapid Increase in Zero-Additive Penetration - The sales share of zero-additive soy sauce rose from 4.7% in Q1 2022 to 11.9% in Q3 2023 [3][4]. - Qianhe has achieved high growth rates of 54.92%, 69.81%, 33.76%, and 48.45% year-on-year in Q4 2022, Q1 2023, Q2 2023, and Q3 2023 respectively [3][5]. 2. Current Trends in the Zero-Additive Market - The price of Qianhe's zero-additive soy sauce has dropped to 5 yuan for 500mL, reflecting a trend towards cost-effectiveness [1][12]. - The online sales share for Qianhe reached approximately 20%, significantly higher than competitors [1][17]. 3. Future Market Space Exploration and Qianhe's Profitability Assessment - The zero-additive soy sauce market is expected to grow at a CAGR of 10.6% over the next ten years, outpacing the overall soy sauce market [1][41]. - Qianhe's gross margin for soy sauce is projected to improve by 1.24 percentage points under neutral assumptions over the next five years [1][46]. 4. Comparison: Insights from Community Group Buying - The report draws parallels between the current trends in zero-additive soy sauce and the community group buying model, emphasizing the importance of cost-effectiveness and proximity to consumers [1][54].

1 2024年9月8日 韬晦以静待，厚积为薄发 证券研究报告 ——2024年四季度A股投资策略 分析师：郑小霞 SAC执业证书号：S0010520080007 邮箱：zhengxx@hazq.com 分析师：刘一超 SAC执业证书号：S0010520090001 邮箱：liuchao@hazq.com 分析师：张运智 SAC执业证书号：S0010523070001 邮箱：zhangyz@hazq.com 核心结论：存在阶段性反弹的契机，围绕成长类主题展开 ➢ 市场方向层面，2024Q4有望延续全年整体走势，但存在阶段性反弹的机会，契机源于政策的可能性变化。最大的变化在于美联储降息带来 的政策空间的打开，尤其是货币政策框架的新变化与新特点，以及对年中政治局会议积极要求的落实和对来年经济工作会议政策定调的预期。 ➢ 复盘2016年至今Q4行情，发现当季一般难有反转行情，当下与2023、2022和2018年环境类似，存在反弹修复的契机，成长风格相对较优。 ➢ 行业配置层面，2024Q4以阶段性或主题性机会为主，以电子、通信为代表的成长类主题有望在修复反弹的行情中取得较为理想的相对收益。 政策变化的契机 美联储降息 ...

农业银行（ [Table_StockNameRptType] 601288） 公司覆盖 三农好风凭借力，扎根县域入青云 | --- | --- | --- | |----------------------------------------|-------|-----------| | [Table_Rank] 投资评级：买入 首次覆盖 | | | | 报告日期： 2024-09-10 | | | | [Table_BaseData] 收盘价（元） | | 4.52 | | 近 12 个月最高 / 最低（元） | | 5.01/3.43 | | 总股本（百万股） | | 349,983 | | 流通股本（百万股） | | 349,983 | | 流通股比例（ % ） | | 100.00 | | 总市值（亿元） | | 15,819 | | 流通市值（亿元） | | 15,819 | | | | | [公司价格与沪深 Table_Chart] 300 走势比较 -26% -4% 19% 41% 63% 9/23 12/23 3/24 6/24 农业银行 沪深300 [Table_Author] 分析师：郑小 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has recently secured six new skeleton projects, expected to contribute approximately 2.35 billion RMB in revenue over their lifecycle [2] - The company is entering a new growth phase, with its skeleton business continuing to break through and a more mature platform for seat production [2] - The core growth for the company in 2024 is anticipated to come from the increasing certainty in its seat business, transitioning from seat skeletons to complete seats [2] - The company is expected to achieve net profits of 170 million, 250 million, and 340 million RMB for 2024, 2025, and 2026 respectively, with growth rates of +90%, +44%, and +37% [2] Financial Summary - The company reported a revenue of 1.519 billion RMB in 2023, with a year-on-year growth of 35.4%, and projected revenues of 2.628 billion RMB in 2024 (+73.1%), 3.492 billion RMB in 2025 (+32.9%), and 4.036 billion RMB in 2026 (+15.6%) [3][8] - The net profit attributable to the parent company is forecasted to be 91 million RMB in 2023, 173 million RMB in 2024, 249 million RMB in 2025, and 341 million RMB in 2026 [3][8] - The gross margin is expected to be 16.1% in 2023, 15.5% in 2024, 16.0% in 2025, and 17.0% in 2026 [3][8] - The company’s return on equity (ROE) is projected to increase from 7.6% in 2023 to 17.9% in 2026 [3][8] - The price-to-earnings (P/E) ratio is expected to decrease from 50.92 in 2023 to 9.02 in 2026, indicating improved valuation over time [3][8]

年安 is to AR 眼镜 —— 未来智能终端核心入口 日期：2024年9月9日 分析师：陈耀波（执业证书号：S0010523060001） 分析师：李元晨（执业证书号：S0010524070001） 华安证券研究所 证券研究报告 华安研究• 拓展投资价值 主要观点 • VR和AR市场复盘 - VR市场将扭转过去两年的销量下滑趋势，重回正增长轨道；Al+AR类眼镜是未来眼镜发展行业新变量 根据wellsenn XR的数据，2024年Q2全球VR销量为135万台，同比下滑6%。下滑的主要原因是索尼PS VR2， 二季度索尼PS VR2 累计销量仅为8万台，去年同期PS VR2发售上市不 久销量25万台，同比下滑68%，Meta二季度销量为102万台，同比增长6%，基本盘稳定，二季度苹果Vision Pro销量为8万台，贡献增量较小，价格、佩戴舒适度以及内容生态匮 乏等造成苹果Vision Pro销量不达预期。预计2024年全球实现797万台销量规模，较2023年增长6%，2024年VR市场将扭转过去两年的销量下滑趋势，重回正增长轨道，但今明两 年VR行业仍处于销量小年。 2024年二季度全球AR销量为10.8 ...

年安 is to AR 眼镜 —— 未来智能终端核心入口 日期：2024年9月9日 分析师：陈耀波（执业证书号：S0010523060001） 分析师：李元晨（执业证书号：S0010524070001） 华安证券研究所 证券研究报告 华安研究• 拓展投资价值 主要观点 • VR和AR市场复盘 - VR市场将扭转过去两年的销量下滑趋势，重回正增长轨道；Al+AR类眼镜是未来眼镜发展行业新变量 根据wellsenn XR的数据，2024年Q2全球VR销量为135万台，同比下滑6%。下滑的主要原因是索尼PS VR2， 二季度索尼PS VR2 累计销量仅为8万台，去年同期PS VR2发售上市不 久销量25万台，同比下滑68%，Meta二季度销量为102万台，同比增长6%，基本盘稳定，二季度苹果Vision Pro销量为8万台，贡献增量较小，价格、佩戴舒适度以及内容生态匮 乏等造成苹果Vision Pro销量不达预期。预计2024年全球实现797万台销量规模，较2023年增长6%，2024年VR市场将扭转过去两年的销量下滑趋势，重回正增长轨道，但今明两 年VR行业仍处于销量小年。 2024年二季度全球AR销量为10.8 ...