业绩点评 24H1 净利润增长 12.2%，九代店丰富体验提振店效 361 度（1361.HK） 2024-08-13 星期二 主要财务指标 | --- | --- | --- | --- | --- | --- | |---------------|-------|-------|-------|-------|--------| | 百万元 | 2020A | 2021A | 2022A | 2023A | 2024H1 | | 销售收入 | 5127 | 5933 | 6961 | 8423 | 5141 | | 同比增长(%) | -8% | 16% | 17% | 21% | 19% | | 毛利率 | 37.9% | 41.7% | 40.5% | 41.1% | 41.3% | | 归母净利润 | 415 | 602 | 747 | 961 | 790 | | 同比增长(%) | -4% | 45% | 24% | 29% | 12% | | 归母净利润率 | 9.6% | 10.1% | 10.7% | 11.4% | 15.4% | | 每股盈利(RMB) | 0.21 | 0.29 | 0 ...

Investment Rating - The report maintains a positive investment outlook for the company, suggesting continued active monitoring of its performance [1] Core Insights - The company has demonstrated a strong performance in the first half of 2024, with unaudited revenue of approximately RMB 7.675 billion, representing a year-on-year growth of about 40.1%, and a profit of approximately RMB 115 million, which is an increase of approximately 431.2% [1] - The company is focusing on high-end mobile camera modules, with sales volume growth of approximately 30.8% year-on-year, and the average selling price (ASP) of camera modules increased by 10.5% year-on-year to approximately RMB 32.6 [1] - The non-mobile sector has shown significant growth, with camera module sales in automotive and IoT applications increasing by approximately 100.4% year-on-year [1] Summary by Sections Company Performance - In H1 2024, the company’s camera module sales volume increased by approximately 30.8% year-on-year, with a focus on high-end products [1] - The sales volume of 32MP and above camera modules accounted for about 49.2% of total sales, with OIS and periscope camera modules showing significant growth [1] Market Trends - The demand for high-end camera modules is expected to continue growing, driven by the recovery in mobile phone sales and hardware upgrades [1] - The company is well-positioned in the market, with strong relationships with major Tier-1 clients in the automotive sector, leading to a significant increase in sales volume for automotive camera modules [1] Strategic Focus - The company is committed to a high-end strategy, which is expected to enhance its profitability and market position [1] - The integration of hardware and software in visual modules is identified as a second growth curve for the company, expanding its growth potential [1]

Investment Rating - The report maintains a "Hold" rating for Advanced Micro Devices (AMD) with a target price of $161.09, indicating an expected upside of 18.17% from the current price of $136.32 [1][3][12]. Core Insights - AMD's Q2 2024 revenue reached $5.835 billion, surpassing the $5.359 billion from the same period last year, with a net profit of $265 million, reflecting a year-over-year growth of 881% and a quarter-over-quarter increase of 115% [1][3]. - The company is experiencing significant growth in its data center segment, primarily driven by the surge in shipments of the Instinct MI300 GPUs and strong sales of EPYC CPUs [1][3][5]. - The rapid growth in AI demand is positioning AMD as a key competitor to NVIDIA, with the company actively expanding its AI hardware and software capabilities [1][6][8]. Summary by Sections Financial Performance - Q2 2024 operating profit was $1.26 billion, a year-over-year increase of 18%, with a GAAP net profit of $265 million [5]. - Revenue projections for 2024 and 2025 are $25.476 billion and $32.688 billion, respectively, with growth rates of 12.33% and 28.31% [12]. Market Position and Strategy - AMD's MI300 series is expected to contribute significantly to revenue, with forecasts suggesting it could generate $4 billion in revenue [8]. - The company has established a strong customer base, including major clients like Microsoft, Meta, and Oracle, which enhances its market presence [8]. Product Development - AMD is launching the Ryzen AI 300 series, which aims to enhance CPU and GPU performance with advanced AI capabilities [5][8]. - The acquisition of Silo AI for approximately $665 million is part of AMD's strategy to strengthen its AI software offerings [6][7]. Competitive Landscape - The report highlights that NVIDIA currently dominates the data center GPU market, but AMD and Intel are beginning to capture market share as demand for AI solutions grows [11]. - AMD's MI300 series has secured orders from major companies, indicating a competitive edge in the AI hardware market [11].

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Investment Rating - The report assigns a "Hold" rating to the company with a target price of HKD 1.00, indicating a potential upside of 14% from the current price of HKD 0.88 [2][8]. Core Insights - The company reported a profit of HKD 395 million for the first half of 2024, a decrease of 30.4% year-on-year, with revenues of HKD 1.218 billion, down 5.4% year-on-year. The decline is attributed to increased market transactions leading to lower settlement prices, higher abandonment rates in certain regions, and depreciation of the RMB against the HKD [5][11]. - The company is expected to face ongoing impacts from power restrictions, particularly in provinces like Hubei, which significantly affects its projects. The company is adopting a more cautious approach to project acquisitions, requiring a specific return on investment before proceeding [6][12]. - The company has increased its proportion of RMB loans, which now exceed 20%, and has seen a decrease in effective loan rates from 6.1% at the end of 2023 to 4.7% as of June 30, 2024. There is an expectation for further declines in loan rates in the second half of the year [7][13]. Financial Summary - For the fiscal year ending December 31, 2024, the company is projected to achieve revenues of HKD 2.801 billion, with a year-on-year growth of 11.2%. Net profit is expected to be HKD 1.094 billion, reflecting a growth of 10.2% [9][17]. - The company maintains a dividend payout ratio of 48% for the first half of 2024, with an interim dividend of HKD 0.023 per share [5][11]. - The company's total assets are projected to grow from HKD 21.504 billion in 2023 to HKD 23.504 billion in 2024, with total liabilities increasing correspondingly [17][18].

买入 24H1 净利润增长 31.5%，高折产品销售占比提升 康耐特光学（2276.HK） 2024-08-08 星期四 | --- | --- | |-----------|------------| | 目标价： | 14.50 港元 | | 现 价： | 11.80 港元 | | 预计升幅: | 22.9% | 重要数据 | --- | --- | |------------------------------------------|-------------| | 日期 | 2024/08/07 | | 收盘价（港元） | 11.8 | | 总股本（亿股） | 4.27 | | 总市值（亿港元） | 50.3 | | 净资产（亿港元） | 15.99 | | 总资产（亿港元） | 23.87 | | 52 周高低（港元） | 12.72/ 4.74 | | 每股净资产（港元） | 3.75 | | 数据来源：Wind、国元证券经纪（香港）整理 | | 主要股东 费铮翔 49.87% 相关报告 康耐特光学（2276.HK）深度报告：中国 镜片出海领先品牌，聚合多元高端定制 产品-20240416 研究 ...

Investment Rating - The report updates the target price to HKD 5.69, which represents a 23% upside from the current price of HKD 4.62, and assigns a "Buy" rating [6][10]. Core Insights - The Q2 2024 performance was below expectations due to multiple factors, including maintenance of thermal power units, reduced contributions from heating, increased coal consumption, poor wind resources, and rising R&D expenses [2][7]. - The company maintained its annual target of adding 10GW of new capacity despite rising curtailment rates and declining electricity prices in the first half of 2024 [4][8]. - Significant improvement in operating cash flow supports the company's dividend policy, with a cash balance of RMB 203 billion as of June 30, 2024, and a commitment to maintain a cash dividend payout ratio of no less than 50% under normal profit conditions [5][9]. Summary by Sections Financial Performance - In H1 2024, the company reported revenue of RMB 118.81 billion, a year-on-year decrease of 5.73%, while net profit attributable to shareholders was RMB 7.78 billion, a year-on-year increase of 19.8% [2][7]. - Q2 2024 revenue was RMB 53.4 billion, down 12% year-on-year, with net profit around RMB 2.9 billion, down 30% year-on-year [2][7]. Shareholder Information - Major shareholders include Huaneng International Power Development Company (32.28%) and China Huaneng Group Company (9.91%) [3]. Operational Metrics - The average settlement price for wind power in H1 2024 was RMB 511.89 per MWh, down 6.04% year-on-year, while for solar power it was RMB 426.98 per MWh, down 9.77% year-on-year [4][8]. - The wind curtailment rate increased to 5.56%, and the solar curtailment rate rose to 6.05% in H1 2024 [4][8]. Cash Flow and Dividends - Operating cash inflow for H1 2024 reached RMB 23.60 billion, a year-on-year increase of 71.53% [5][9]. - The company has a strong dividend tradition, with expectations for improved cash flow to support dividend payments [5][9].

Investment Rating - The report maintains a "Buy" rating for Xinyi Glass (0868.HK) with a target price of HKD 10.8, indicating a potential upside of 40% from the current price [2][9][14]. Core Insights - In the first half of 2024, the company reported a 27.1% year-on-year increase in net profit, with a mid-term dividend payout ratio of 48%. Revenue was HKD 11,807.2 million, a slight decline of 6.4% year-on-year, while gross profit increased by 10.6% to HKD 4,046.7 million, leading to a gross margin improvement of 5.3 percentage points to 34.3% [6][11]. - The glass industry is currently facing pressure from high inventory levels and weak demand, leading to a downward trend in prices. As of August 1, 2024, the average price of float glass was RMB 1,439 per ton, down by RMB 26.73 week-on-week, with total inventory reaching 69.09 million weight boxes, a year-on-year increase of 51.13% [7][12]. - The company is implementing a differentiated strategy to navigate the industry's cyclical downturn, focusing on optimizing procurement channels, increasing the proportion of high-value-added products, and expanding overseas operations. Currently, overseas business accounts for approximately 28.8% of total sales, with differentiated product sales making up about 47% of float glass products [8][13]. Financial Summary - For the first half of 2024, the company achieved a net profit of HKD 2,729.9 million, with a net profit margin of 23.1%, up from 17% in the first half of 2023. Basic earnings per share were HKD 0.646, and the interim dividend was HKD 0.31 per share [6][11]. - The financial outlook for the coming years shows a projected revenue of HKD 25,767 million in 2024, with a slight decline of 3.8% year-on-year, followed by a recovery with expected growth of 6.7% in 2025 [10].

Investment Rating - The report maintains a "Buy" rating for Xinyi Solar (0968.HK) with a target price of HKD 4.69, indicating a potential upside of 34% from the current price of HKD 3.50 [7][12]. Core Insights - In the first half of 2024, Xinyi Solar reported a profit of HKD 1.963 billion, a year-on-year increase of 41%, which aligns with expectations. The company's revenue reached approximately HKD 12.687 billion, up 4.5% year-on-year, while gross profit was about HKD 3.406 billion, reflecting a 27.5% increase. The basic earnings per share were HKD 0.2203, with an interim dividend of HKD 0.10, resulting in a payout ratio of 45.4% [5][10]. - The solar glass industry is undergoing consolidation, and the company is adjusting its production schedule. Due to high supply and weak demand, glass prices have been under pressure, and further price declines are anticipated in the second half of the year. The company plans to manage the timing of new production line activations based on market conditions [6][11]. - The report highlights that the company has added three new solar glass production lines with a total daily melting capacity of 3,200 tons, increasing its total capacity to 29,000 tons by the end of June 2024. The company plans to add three more lines by the end of the year, bringing the total capacity to 32,200 tons [6][11]. Financial Summary - For the first half of 2024, Xinyi Solar's gross margin for solar glass was 21.5%, an increase of 6.3 percentage points year-on-year. The net debt ratio stood at 23.5%, with cash on hand amounting to HKD 2.36 billion, indicating a stable financial position [10][11]. - The projected revenue for 2024 is HKD 32.749 billion, with a year-on-year growth of 23.0%. The net profit is expected to be HKD 3.806 billion, reflecting a decline of 9.1% compared to the previous year [8][15].

证 券 研 究 报 告 行业新视角 人工智能助力核电复兴 2024 年 8 月 2 日 研究部 姓名：杨义琼 SFC：AXU943 电话：0755-21516065 Email: helm@gyzq.com.hk 证 券 研 究 报 告 图片来源：百度图片 证 券 研 究 报 告 请务必阅读免责条款 · 人工智能助力核电复兴 2024-08-02 星期五 新视角： ➢ 核电复兴的背景 核电作为低碳能源的重要组成部分，具有稳定、高效、清洁等特点，符合全球能 源转型的需求；近年来，核电技术在安全性、经济性和环保性方面取得了显著进 步; 各国政府纷纷出台政策支持核电发展，包括提供财政补贴、税收优惠、融资 支持等政策措施。这些政策降低了核电项目的投资风险和运营成本，吸引了更多 的投资者和企业进入核电领域。 ➢ AI 促进核电需求的增长 AI 技术的快速发展需要大量的算力支持，而核电作为一种稳定、清洁的能源， 非常适合满足 AI 数据中心对电力的需求。随着 AI 模型的不断增大和复杂化，对 电力的需求也将持续增长。科技巨头在实现净零排放目标的过程中，纷纷将目光 投向核电，因为核电相比火电和天然气发电具有更低的碳排放量。 ...