Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company has shown a recovery in revenue growth, with a 11.6% year-on-year increase in H1 2024 revenue to 1.45 billion yuan, and a 31.4% increase in net profit to 90 million yuan [3] - The growth is driven by the toolbox cabinet and cross-border e-commerce businesses, with the AM market revenue reaching 870 million yuan, up 17.7% year-on-year [3] - The company is expected to benefit from the easing of U.S. interest rates and improved consumer spending, with projected revenues of 3.1 billion yuan, 3.6 billion yuan, and 4.2 billion yuan for 2024, 2025, and 2026 respectively [3] Summary by Sections Financial Performance - H1 2024 revenue was 1.45 billion yuan, a 11.6% increase year-on-year, while Q2 revenue was 820 million yuan, up 17.5% year-on-year [3] - The company's gross margin for H1 2024 was 19.7%, an increase of 1.5 percentage points year-on-year [3] - The net profit margin for H1 2024 was 6.3%, up 0.8 percentage points year-on-year [3] Business Segments - AM market revenue was 870 million yuan, with commercial jacks and professional automotive maintenance equipment showing growth of 29.2% and 29.6% respectively [3] - OEM market revenue for automotive parts was 560 million yuan, a 3.6% increase year-on-year [3] Regional Performance - Revenue from the U.S. market was 560 million yuan, down 10.1% year-on-year, while revenue from Europe and other regions increased by 25.4% to 520 million yuan [3] - Revenue from mainland China reached 350 million yuan, a significant increase of 44.4% year-on-year, driven by expansion into the new energy vehicle sector [3] Future Outlook - The company plans to continue expanding its cross-border e-commerce operations and has set up overseas warehouses in Seattle, Houston, and Charlotte [3] - The acquisition of Puke Technology has led to rapid sales growth and profitability, with further capacity expansion expected [3] - The company anticipates continued revenue recovery in the second half of 2024, supported by easing inflation in the U.S. [3]

Investment Rating - Maintained "Overweight" rating [1] Core Views - The company reported strong H1 2024 results with revenue of 2.372 billion yuan, up 28.88% YoY, and net profit of 256 million yuan, up 11.43% YoY [1] - Q2 2024 revenue reached 1.313 billion yuan, up 31.89% YoY, with net profit of 152 million yuan, up 10.08% YoY [1] - Gross margin in H1 2024 was 18.16%, down 2.57 percentage points YoY, while R&D expenses increased to 4.24% of revenue, up 0.14 percentage points YoY [1] - The company is expanding its production capacity with new bases in Zhaoqing, Hefei, and Anqing, and has entered the German OEM supply chain with its third-generation smart cockpit "ix-2024" [2] - Forecasted net profits for 2024-2026 are 601 million yuan, 755 million yuan, and 873 million yuan, respectively, with corresponding P/E ratios of 7.65x, 6.09x, and 5.26x [2] Financial Performance - Revenue growth is expected to be 19.89% in 2024E, 14.90% in 2025E, and 14.90% in 2026E [3] - Net profit growth is projected at 10.04% in 2024E, 25.59% in 2025E, and 15.71% in 2026E [3] - ROE is forecasted to increase from 11.02% in 2024E to 13.19% in 2026E [3] - EPS is expected to grow from 1.58 yuan in 2024E to 2.30 yuan in 2026E [3] Operational Highlights - The company has 15 production bases across China, including Changshu, Changchun, Shenyang, and Beijing [2] - Smart cockpit business is a key focus, with the "ix-2024" model winning the Red Dot Award and securing a position in the German OEM supply chain [2] - The company is actively expanding its overseas market presence, particularly in the smart cockpit segment [2] Valuation Metrics - The company's P/E ratio is expected to decline from 7.65x in 2024E to 5.26x in 2026E [2] - PB ratio is forecasted to decrease from 0.84x in 2024E to 0.69x in 2026E [3] - EV/EBITDA is projected to drop from 5.1x in 2024E to 3.8x in 2026E [4]

投资评级:增持(维持) 核心观点 | --- | --- | |------------------------|------------| | 基本数据 | 2024-08-27 | | 收盘价 ( 元 ) | 42.77 | | 流通股本 ( 亿股 ) | 3.04 | | 每股净资产 ( 元 ) | 5.64 | | 总股本 ( 亿股 ) | 4.30 | | 最近 12 月市场表现 | | -52% -33% -14% 6% 25% 44% 佰维存储 沪深300 分析师 张益敏 SAC 证书编号：S0160522070002 zhangym02@ctsec.com 相关报告 1. 《发掘先进封装需求，深耕存储模组 市场》 2024-06-08 佰维存储(688525) / 半导体 / 公司点评 / 2024.08.28 行业景气度恢复，营收利润大幅增长 证券研究报告 ❖ 事件：佰维存储发布 2024 年半年报：2024H1 公司实现营收 34.41 亿元，同比 增长 199.64%；实现归母净利润 2.83 亿元，同比增长 195.58%。 ❖ 存储器行业复苏，推动公司业绩大幅改善：2024 年上半年 ...

AI 及汽车电子带动传统 PCB 业务高速增长 投资评级:增持(维持) 核心观点 | --- | --- | |----------------|------------| | 基本数据 | 2024-08-27 | | 收盘价(元) | 104.66 | | 流通股本(亿股) | 5.11 | | 每股净资产(元) | 26.73 | | 总股本(亿股) | 5.13 | 最近 12 月市场表现 深南电路 沪深300 上证指数 元件 -23% 4% 30% 57% 83% 110% 分析师 张益敏 SAC 证书编号：S0160522070002 zhangym02@ctsec.com 分析师 白宇 SAC 证书编号：S0160523100001 baiyu@ctsec.com 证券研究报告 ❖ 事件：公司 2 季度实现营业收入 43.60 亿元，同比增长 34.19%，环比增长 10.07%，实现归母净利润 6.08 亿元，同比增长 127.18%，环比增长 60.11%。 ❖ AI 及汽车电子带动公司高多层 PCB 业务及毛利率加速增长：公司高毛 利的有线侧 PCB（交换机、路由器、光模块等领域）以及数通 ...

投资评级:增持(维持) 核心观点 | --- | --- | |------------------------|------------| | 基本数据 | 2024-08-27 | | 收盘价 ( 元 ) | 40.30 | | 流通股本 ( 亿股 ) | 0.71 | | 每股净资产 ( 元 ) | 18.15 | | 总股本 ( 亿股 ) | 0.94 | | 最近 12 月市场表现 | | -50% -33% -15% 3% 20% 38% 精智达 沪深300 分析师 张益敏 SAC 证书编号：S0160522070002 zhangym02@ctsec.com 相关报告 1. 《利润大幅增长，半导体产品研发稳 步推进》 2023-11-02 2. 《存储测试打开新格局，国产检测设 备突破者》 2023-09-01 精智达(688627) / 通用设备 / 公司点评 / 2024.08.28 营收与利润稳步增长，半导体业务稳步推进 证券研究报告 ❖ 事件：精智达发布 2024 年半年报：2024H1 公司实现营收 3.62 亿元，同比增 长 46.15%；实现归母净利润 0.38 亿元，同比增长 1 ...

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The report highlights a stabilization in silicon material prices, with slight declines in prices for silicon wafers, batteries, and components, while silver prices have increased [3] - In July 2024, China's new photovoltaic installations reached 21.05 GW, a year-on-year increase of 12.3%, with cumulative installations reaching 123.53 GW, a 27.1% increase year-on-year [3][9] - The lithium battery sector shows signs of recovery, with Q2 performance indicating a significant improvement in operational conditions [3] - The wind power sector is witnessing new project announcements, including a 900 MW offshore wind project in Guangzhou, indicating a potential turning point for offshore wind energy [3] - Investment in power equipment remains robust, with a 19.2% year-on-year increase in grid project investments from January to July 2024 [3][25] - The hydrogen energy segment is expected to grow significantly, with a focus on green hydrogen projects and the demand for electrolyzers and compressors [3] - The robotics industry is advancing, with China holding two-thirds of global robot-related patents and showcasing new industrial applications at the World Robot Conference [3] Summary by Sections Photovoltaics - Silicon material prices have stabilized, while prices for silicon wafers, batteries, and components have slightly decreased [7] - In the first seven months of 2024, photovoltaic installations accounted for 67% of the total new power installations in China [9] Lithium Batteries - The average price of battery-grade lithium carbonate has decreased to 74,300 CNY per ton, with a weekly decline of 1.20% [10] - The demand for lithium iron phosphate is increasing, driven by the storage market [10][12] Wind Power - The Guangdong 400 MW offshore wind project has announced its winning bidders, with construction expected to start in October 2024 [21] - The 500 MW offshore wind project by Huadian Group has also announced its winning bidders [22] Power Equipment - From January to July 2024, grid project investments reached 294.7 billion CNY, a 19.2% increase year-on-year [25] - Transformer exports for the first seven months of 2024 reached 16.64 billion CNY, a 47.8% increase year-on-year [27] Hydrogen Energy - The cumulative bidding for electrolyzers reached 2,181 MW from January to August 2024, a year-on-year increase of 66.81% [31] - Shandong Province has introduced a policy to exempt hydrogen vehicles from highway tolls, promoting the hydrogen energy industry [34] Robotics - The World Robot Conference showcased 27 humanoid robots, with China holding a significant share of global robot patents [35] - New humanoid robot solutions were presented, indicating advancements in industrial applications [36]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is a leading player in the engineering machinery sector, with a solid market position and continuous improvement in operational quality and profitability. The company has a comprehensive product range including cranes, excavators, concrete machinery, and mining machinery, and has achieved significant sales in various categories [4][5][25][27]. - The engineering machinery industry is approaching a turning point, with marginal improvements in demand expected due to stable new demand, a potential peak in replacement demand starting in 2024, and steady growth in overseas exports [4][5][57][59][62]. Summary by Sections Company Overview - The company is recognized as a leading engineering machinery enterprise in China, with a diverse product portfolio and a strong global presence, exporting to over 193 countries [25][27]. - The company has undergone significant restructuring, enhancing its operational efficiency and market competitiveness [49][51]. Financial Performance - In 2023, the company reported revenues of 92.85 billion yuan, a slight decrease of 1.0% year-on-year, while net profit increased by 23.5% to 5.33 billion yuan. The company expects continued growth in net profit for 2024-2026, with projected figures of 6.49 billion, 8.57 billion, and 10.95 billion yuan respectively [5][56]. - The company's gross margin improved to 22.4% in 2023, with a net margin of 5.7%, reflecting enhanced profitability [54][56]. Industry Outlook - The engineering machinery sector is expected to see a recovery in demand, driven by increased infrastructure investment and favorable government policies in the real estate sector [59][61]. - The upcoming peak in replacement demand for machinery is anticipated to begin in 2024, as the average lifespan of equipment approaches its end [62][63]. Growth Drivers - The company is focusing on expanding its international operations, with a robust global marketing network and increasing overseas revenue contributing to its growth [4][5][27]. - The company is also enhancing its product offerings in emerging segments such as aerial work platforms and mining machinery, which are expected to drive future revenue growth [4][5][47].

福田汽车(60016650) / 商用车 / 公司点评 / 2024.08.27 毛利率同比提升，出口销量维持高增长 投资评级:增持(维持) 核心观点 | --- | --- | |------------------------|------------| | 基本数据 | 2024-08-26 | | 收盘价 ( 元 ) | 2.30 | | 流通股本 ( 亿股 ) | 65.75 | | 每股净资产 ( 元 ) | 1.84 | | 总股本 ( 亿股 ) | 80.04 | | 最近 12 月市场表现 | | -37% -29% -21% -13% -5% 4% 福田汽车 沪深300 上证指数 分析师 邢重阳 SAC 证书编号：S0160522110003 xingcy01@ctsec.com 分析师 李渤 SAC 证书编号：S0160521050001 libo@ctsec.com 证券研究报告 ❖ 事件：公司发布 2024 年半年度报告，公司 2024 年 H1 实现营业收入 239.68 亿元，同比-16.91%；实现归母净利润 4.14 亿元，同比-31.63%。其中，公司 2024 年 Q2 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Views - The company reported a significant year-on-year growth in performance for H1 2024, with total revenue reaching 7.1 billion yuan, an increase of 9.3% compared to the previous year. Adjusted net profit was 358 million yuan, up 67.3% year-on-year [3] - The expansion of the store network and the increase in product categories have driven revenue growth. The company optimized online promotion and expanded its workshop store network, reaching 6,311 stores nationwide, with 402 new stores added. This expansion increased the revenue from tires and chassis components from 5 billion yuan in H1 2023 to 5.6 billion yuan in H1 2024, a growth of 10.9% [3] - The company has also introduced more services such as car cleaning and beauty at its workshop stores, which, along with a membership card program, has contributed to increased revenue from other products, rising from 364 million yuan in H1 2023 to 380 million yuan in H1 2024, a growth of 4.3% [3] - The revenue structure optimization has led to a continuous increase in gross margin, which was 25.9% in H1 2024, up 1.7 percentage points year-on-year. This improvement is attributed to better terms from suppliers, increased contribution from proprietary and self-controlled products, and a reduction in low-margin electric vehicle sales [3] Financial Projections - The company is expected to achieve revenues of 14.64 billion yuan, 16.20 billion yuan, and 17.95 billion yuan for the years 2024, 2025, and 2026, respectively. The net profit attributable to the parent company is projected to be 700 million yuan, 1.09 billion yuan, and 1.56 billion yuan for the same years. The corresponding price-to-earnings ratios (PE) are expected to be 19.13, 12.29, and 8.60 times [3][6]

投资评级:增持(维持) 核心观点 | --- | --- | |----------------|------------| | 基本数据 | 2024-08-26 | | 收盘价(元) | 17.53 | | 流通股本(亿股) | 54.38 | | 每股净资产(元) | 5.05 | | 总股本(亿股) | 66.53 | 最近 12 月市场表现 -15% -6% 3% 12% 21% 30% 温氏股份 沪深300 分析师 余剑秋 SAC 证书编号：S0160522050003 yujq01@ctsec.com 相关报告 1. 《规模较快增长，生产经营稳健，Q1 减亏显著》 2024-04-29 2. 《经营稳健降本增量，猪鸡回暖 Q3 扭亏》 2023-10-26 3. 《经营稳健稳步发展，畜禽低迷业绩 暂承压》 2023-08-31 温氏股份(300498) / 养殖业 / 公司点评 / 2024.08.27 Q2 扭亏为盈，持续受益畜禽周期景气 证券研究报告 ❖ 事件：公司 2024H1 营收+13.49%，扭亏为盈。公司 2024 年上半年实现营 业收入 467.58 亿元（同比+13.49%）， ...