亿纬锂能(300014) / 电池 / 公司点评 / 2024.08.26 2024H1 储能出货超预期，市占率提升 投资评级:增持(维持) 核心观点 | --- | --- | |----------------|------------| | 基本数据 | 2024-08-26 | | 收盘价(元) | 33.18 | | 流通股本(亿股) | 18.61 | | 每股净资产(元) | 17.45 | | 总股本(亿股) | 20.46 | 最近 12 月市场表现 亿纬锂能 沪深300 上证指数 电池 -36% -28% -20% -12% -4% 4% 分析师 张一弛 SAC 证书编号：S0160522110002 zhangyc02@ctsec.com 分析师 张磊 SAC 证书编号：S0160522120001 zhanglei02@ctsec.com 相关报告 1. 《24Q1 业绩符合预期，出货量高增》 2024-04-28 2. 《2023 年业绩符合预期，利润稳健增 长》 2024-04-20 3. 《23Q3 业绩略超预期，研发投入持 续加大》 2023-10-28 证券研究报告 ❖ 事件 ...

轻工制造 / 行业投资策略周报 / 2024.08.25 美国零售数据显韧性，地产去库持续推进 投资评级:看好(维持) 最近 12 月市场表现 -29% -22% -14% -7% 1% 8% 轻工制造 沪深300 分析师 吕明璋 SAC 证书编号：S0160523030001 lvmz@ctsec.com 联系人 何栋 hedong@ctsec.com 相关报告 1. 《多城拟收储商品房，去库存持续推 进》 2024-08-18 2. 《各地积极跟进收储，关注相关家居 转债》 2024-08-18 3. 《7 月家具社零同比-1.1%，增速转负》 2024-08-15 核心观点 轻工行业周报 证券研究报告 本周行情回顾：本周（2024.8.19-2024.8.23）申万轻工指数收报 1560.80 点， 周涨跌幅为-3.11%，跑输沪深 300 指数 2.56pct，在 31 个申万一级行业中排名 第 22。本周轻工制造细分板块普跌，造纸/家居用品/包装印刷/文娱用品分别- 2.58%/-2.65%/-3.81%/-4.29%。 美国 7 月零售数据向好，关注轻工出口链。据 Wind 数据，2024 年 7 ...

电子 / 行业投资策略周报 / 2024.08.24 电子行业周报：继续重视 AI 算力+终端主线 投资评级:看好(维持) 最近 12 月市场表现 -24% -17% -9% -2% 5% 12% 电子 沪深300 上证指数 分析师 张益敏 SAC 证书编号：S0160522070002 zhangym02@ctsec.com 联系人 王矗 wangchu01@ctsec.com 相关报告 1. 《半导体市场稳步复苏，下半年有望 继续发力》 2024-08-21 2. 《AI 催化交换机配套升级，PCB 行 业有望受益》 2024-08-16 3. 《AI 引领增长，行业复苏向上》 2024-06-28 2024.8.19-2024.8.23 核心观点 证券研究报告 ❖ 行情回顾：本周电子板块表现跑输大盘，消费电子板块表现相对亮眼。 本周（2024 年 8 月 19 日至 2024 年 8 月 23 日），中信电子指数下跌 2.25%， 上证指数下跌 1.36%，深证成指下跌 2.09%。分板块来看，中信半导体指数下 跌 4.30%，中信消费电子指数上涨 0.90%。具体标的来看，中小市值标的表现 领先，传音 ...

世运电路(603920) / 元件 / 公司点评 / 2024.08.24 投资评级:增持(维持) 核心观点 | --- | --- | |------------------------|------------| | 基本数据 | 2024-08-23 | | 收盘价 ( 元 ) | 18.87 | | 流通股本 ( 亿股 ) | 5.41 | | 每股净资产 ( 元 ) | 7.52 | | 总股本 ( 亿股 ) | 6.59 | | 最近 12 月市场表现 | | -28% -10% 7% 25% 42% 60% 世运电路 沪深300 元件 分析师 张益敏 SAC 证书编号：S0160522070002 zhangym02@ctsec.com 分析师 吴姣晨 SAC 证书编号：S0160522090001 wujc01@ctsec.com 相关报告 1. 《预告业绩亮眼，地方国资入主赋能 PCB 业务》 2024-07-10 2. 《近四十年沉淀，造就 PCB 业务璀 璨前景》 2024-03-10 3. 《去伪存真》 2021-01-09 业绩高增，通过主业优势地位向新业务延伸 证券研究报告 ❖ 事 ...

沪电股份(002463) / 元件 / 公司点评 / 2024.08.24 业绩创历史新高，股权激励顺利推进 投资评级:增持(维持) 核心观点 | --- | --- | |------------------------|------------| | 基本数据 | 2024-08-23 | | 收盘价 ( 元 ) | 33.42 | | 流通股本 ( 亿股 ) | 19.14 | | 每股净资产 ( 元 ) | 5.28 | | 总股本 ( 亿股 ) | 19.15 | | 最近 12 月市场表现 | | -25% 0% 24% 48% 73% 97% 沪电股份 沪深300 元件 分析师 张益敏 SAC 证书编号：S0160522070002 zhangym02@ctsec.com 分析师 吴姣晨 SAC 证书编号：S0160522090001 wujc01@ctsec.com 相关报告 1. 《业绩持续高增，AI 训练侧+网络侧 前景可观》 2024-07-13 2. 《业绩符合预期，算力需求支持高端 PCB 增长》 2024-03-28 3. 《保持强劲成长势头，高壁垒塑造优 秀盈利能力》 2024- ...

Investment Rating - The investment rating for the company is "Overweight" (maintained) [1] Core Views - The company's revenue for H1 2024 decreased by 16.4% YoY, but net profit attributable to shareholders significantly reduced losses, with a turnaround to profit in Q2 2024 [3] - Gross profit margin and net profit margin both increased in H1 2024, with gross profit margin rising by 4.4 pcts YoY to 13.1% and net profit margin improving by 3.8 pcts YoY to -1.2% [3] - The pig farming segment saw a significant improvement in profitability, with a gross margin increase of 19.5 pcts YoY to 11.7% [3] - The seed business grew rapidly, contributing RMB 300 million in revenue, up 13.5% YoY, with rice seed sales increasing by 25.3% YoY [3] Financial Performance Summary Revenue and Profit - H1 2024 revenue: RMB 13.09 billion, down 16.4% YoY [3] - H1 2024 net profit attributable to shareholders: RMB -160 million, significantly reducing losses [3] - Q2 2024 revenue: RMB 6.39 billion, down 19.0% YoY, with net profit turning positive at RMB 50 million [3] Segment Performance - Feed segment: Revenue of RMB 9.23 billion, down 20.5% YoY, contributing 70.5% of total revenue, with a gross margin of 12.7% (+0.6 pcts YoY) [3] - Pig farming segment: Revenue of RMB 2.65 billion, down 3.5% YoY, contributing 20.3% of total revenue, with a gross margin of 11.7% (+19.5 pcts YoY) [3] - Seed segment: Revenue of RMB 300 million, up 13.5% YoY, contributing 2.3% of total revenue [3] Financial Ratios - H1 2024 gross profit margin: 13.1% (+4.4 pcts YoY) [3] - H1 2024 net profit margin: -1.2% (+3.8 pcts YoY) [3] - Q2 2024 gross profit margin: 14.4% (+5.5 pcts YoY) [3] - Q2 2024 net profit margin: 0.8% (+6.8 pcts YoY) [3] Future Projections - Expected net profit attributable to shareholders for 2024-2026: RMB 248 million, RMB 697 million, and RMB 983 million, respectively [4] - EPS for 2024-2026: RMB 0.06, RMB 0.16, and RMB 0.23, respectively [4] - PE ratios for 2024-2026: 67x, 24x, and 17x, respectively [4] Historical Financial Data Income Statement - 2022A revenue: RMB 32.40 billion, 2023A revenue: RMB 33.39 billion, 2024E revenue: RMB 34.08 billion [5] - 2022A net profit: RMB 51 million, 2023A net profit: RMB -2.17 billion, 2024E net profit: RMB 248 million [5] Balance Sheet - 2022A total assets: RMB 31.23 billion, 2023A total assets: RMB 29.78 billion, 2024E total assets: RMB 30.48 billion [6] - 2022A total liabilities: RMB 18.21 billion, 2023A total liabilities: RMB 19.74 billion, 2024E total liabilities: RMB 19.97 billion [6] Cash Flow Statement - 2022A operating cash flow: RMB 1.42 billion, 2023A operating cash flow: RMB 245 million, 2024E operating cash flow: RMB 2.46 billion [6] Valuation Metrics - 2024E PE: 67x, 2025E PE: 24x, 2026E PE: 17x [5] - 2024E PB: 2.0x, 2025E PB: 1.9x, 2026E PB: 1.8x [5] - 2024E ROE: 3.0%, 2025E ROE: 7.9%, 2026E ROE: 10.3% [5]

投资评级:增持(维持) 核心观点 | --- | --- | |------------------------|------------| | 基本数据 | 2024-08-23 | | 收盘价 ( 元 ) | 47.25 | | 流通股本 ( 亿股 ) | 2.64 | | 每股净资产 ( 元 ) | 12.16 | | 总股本 ( 亿股 ) | 4.30 | | 最近 12 月市场表现 | | -25% -10% 4% 18% 33% 47% 天岳先进 沪深300 半导体 分析师 张益敏 SAC 证书编号：S0160522070002 zhangym02@ctsec.com 分析师 吴姣晨 SAC 证书编号：S0160522090001 wujc01@ctsec.com 相关报告 1. 《800V SiC 密集上车，产能完成调整 业绩现拐点》 2024-01-03 天岳先进(688234) / 半导体 / 公司点评 / 2024.08.23 8 英寸产线助力公司毛利率仍有上行空间 证券研究报告 ❖ 事件：公司发布 2024 半年报，预计实现营收 9.12 亿元，同比+108.27%；归 母净利润 1.0 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company is expected to see a moderate improvement in performance, driven by digital transformation opportunities and a focus on multi-dimensional sensing, intelligent computing, and data communication [4][5] - The company achieved revenue of 14.867 billion yuan in the first half of 2024, a year-on-year increase of 1.59%, while the net profit attributable to shareholders was 1.810 billion yuan, a year-on-year decrease of 8.42% [4] - The company is focusing on enhancing its distribution system and exploring operations with tier-three customers, which has led to continued growth in overseas business [4] Financial Performance Summary - Revenue for 2024 is projected to be 34.201 billion yuan, with a growth rate of 6.15% [3] - The net profit attributable to shareholders is expected to be 3.806 billion yuan in 2024, with a net profit growth rate of -48.30% [3] - Earnings per share (EPS) is projected to be 1.16 yuan in 2024, with a price-to-earnings (PE) ratio of 11.34 [3] - Return on equity (ROE) is expected to be 10.31% in 2024 [3] Business Segment Performance - The company's domestic business revenue was 7.381 billion yuan, a year-on-year decrease of 5.01%, while overseas business revenue was 7.485 billion yuan, a year-on-year increase of 9.08% [4] - In the B-end market, the company achieved stable growth with revenue of 3.901 billion yuan, a year-on-year increase of 1.11% [4] - The G-end market faced challenges with revenue of 1.768 billion yuan, a year-on-year decrease of 15.07% [4] Future Outlook - The company is expected to continue launching competitive software and hardware products, with revenue projections of 34.201 billion yuan in 2024, 37.680 billion yuan in 2025, and 42.561 billion yuan in 2026 [5] - The net profit is projected to reach 3.806 billion yuan in 2024, 4.331 billion yuan in 2025, and 5.058 billion yuan in 2026 [5]

学大教育(000526) / 教育 / 公司深度研究报告 / 2024.08.23 个性化教育高增，布局职教第二增长曲线 | --- | --- | |------------------------|------------| | | | | | | | 投资评级 : 增持 | ( 首次 ) | | 基本数据 | 2024-08-22 | | 收盘价 ( 元 ) | 58.10 | | 流通股本 ( 亿股 ) | 1.19 | | 每股净资产 ( 元 ) | 5.40 | | 总股本 ( 亿股 ) | 1.23 | | 最近 12 月市场表现 | | -15% 17% 49% 81% 113% 145% 学大教育 沪深300 分析师 刘洋 SAC 证书编号：S0160521120001 liuyang01@ctsec.com 联系人 李天阳 lity02@ctsec.com 相关报告 证券研究报告 ❖ 学大教育：稳固传统教培业务，积极布局职教业务。公司深耕教育行业 二十余载，自 2001 年创立以来公司一直秉持着"以人为本，因材施教"的教 育理念，制定和实施以学生为中心的教学体系及模式。公司已累计服务超 1 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights a continuous recovery in terminal demand, particularly focusing on the leading brand of lithium battery lawn mowers [1] - The company has been actively repurchasing shares under its stock incentive plan, demonstrating confidence in its future performance [3] - Strong growth in lawn mower exports from China, with a 67.5% year-on-year increase in July, indicates robust demand in the market [3] - The company is expected to benefit from favorable weather conditions in North America and the end of inventory destocking, leading to a positive outlook for the third quarter [3] - The company plans to expand its production capacity in Vietnam, enhancing its supply chain resilience [4] - Revenue projections for 2024-2026 are estimated at $1.53 billion, $1.75 billion, and $1.96 billion respectively, with corresponding net profits of $90 million, $133 million, and $151 million [4] Summary by Sections Basic Data - Closing price as of August 22, 2024, is HKD 17.58 - Circulating share capital is 5.11 billion shares - Net asset per share is USD 2.01 [2] Recent Performance - The company has faced stock price pressure since July, potentially due to tariff concerns, but remains a leading brand in lithium battery lawn mowers [4] - The report anticipates a strong recovery in performance, supported by the ongoing demand for lawn mowers [4] Financial Projections - Expected revenue growth rates are 11.00% for 2024, 14.86% for 2025, and 12.05% for 2026 [5] - Projected net profit growth rates are 343.07% for 2024, 47.09% for 2025, and 13.99% for 2026 [5] - The company is expected to achieve a PE ratio of 12.85 for 2024, 8.73 for 2025, and 7.66 for 2026 [5] Cash Flow and Balance Sheet - The company is projected to have a net cash flow from operating activities of -28 million in 2024, turning positive in subsequent years [7] - Total assets are expected to grow from $1.796 billion in 2023 to $2.6 billion by 2026 [6]