顾家家居(603816) / 家居用品 / 公司点评 / 2024.08.22 外销稳健增长，毛利率延续改善 投资评级:增持(维持) 核心观点 | --- | --- | |----------------|------------| | 基本数据 | 2024-08-21 | | 收盘价(元) | 25.10 | | 流通股本(亿股) | 8.22 | | 每股净资产(元) | 11.33 | | 总股本(亿股) | 8.22 | 最近 12 月市场表现 -42% -31% -21% -10% 1% 11% 顾家家居 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. 《高管增持股份，彰显长期发展信心》 2024-07-29 2. 《全年稳健增长，聚焦提效、育能、 转型》 2024-04-30 3. 《转让价款下调，协同效应有望显 现 》 2023-12-27 证券研究报告 事件：公司发布 2024 年中报。公司 2024H1 实现营收 89.08 亿元，同比+0.34%， 实现归母净利润 ...

固生堂(02273) / 医疗服务 / 公司点评 / 2024.08.21 业绩持续超预期，外延并购拓展顺利 投资评级:增持(维持) 核心观点 | --- | --- | |------------------|------------| | 基本数据 | 2024-08-21 | | 收盘价(港元) | 38.80 | | 流通股本(亿股) | 2.45 | | 每股净资产(港元) | 9.51 | | 总股本(亿股) | 2.45 | 最近 12 月市场表现 -15% -5% 4% 14% 23% 33% 固生堂 恒生指数 分析师 张文录 SAC 证书编号：S0160517100001 zhangwenlu@ctsec.com 分析师 赵则芬 SAC 证书编号：S0160524040003 zhaozf@ctsec.com 相关报告 1. 《门店扩张加快，自有医生持续贡献 收入》 2023-08-22 2. 《民营中医服务龙头，标准化复制能 力凸显》 2022-12-08 证券研究报告 事件：2024 年上半年公司实现营收 13.65 亿元，同比增长 38.4%；实现经调 整净利润 1.48 亿元，同比增 ...

投资评级:增持(维持) 核心观点 | --- | --- | |------------------------|------------| | | | | 基本数据 | | | | 2024-08-21 | | 收盘价 ( 元 ) | 73.99 | | 流通股本 ( 亿股 ) | 6.65 | | 每股净资产 ( 元 ) | 23.44 | | 总股本 ( 亿股 ) | 6.66 | | 最近 12 月市场表现 | | -37% -25% -14% -3% 8% 19% 兆易创新 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. 《各产品线边际改善，端侧 AI 引领 容量高需求》 2024-06-12 2. 《存储价格有望触底，产品多元静待 复苏》 2023-06-14 3. 《国家存储器龙头初长成》 2018- 04-17 自研 DRAM 拓客效果明显，二季度表现亮眼 证券研究报告 ❖ 事件： 2024 年上半年，公司 ...

半导体 / 行业深度分析报告 / 2024.08.21 半导体市场稳步复苏，下半年有望继续发力 证券研究报告 投资评级:看好(维持) 最近 12 月市场表现 -26% -18% -10% -2% 6% 13% 半导体 沪深300 分析师 张益敏 SAC 证书编号：S0160522070002 zhangym02@ctsec.com 相关报告 1. 《景气度呈现复苏态势，国产替代集 中发力》 2024-05-23 2. 《行业景气复苏，覆铜板迎接新一轮 涨价周期》 2024-05-05 3. 《光刻环节关键材料 国产掩膜版大 有可为》 2024-03-07 核心观点 半导体供应链行业报告 ❖ 半导体月度销售金额持续增长，印证行业复苏：根据美国半导体行业协会 （SIA）统计，2024 年 6 月全球半导体销售总金额 499.8 亿美元，同比增长 18.3%，环比增长 1.7%。中国半导体市场 6 月份销售金额 150.9 亿美元，同比 增长 21.6%，环比增长 0.8%，复苏步伐快于全球平均。 ❖ 存储器价格涨幅趋缓，新技术有望推动市场规模扩张：受消费市场需求不振， 库存水平较高等因素的影响，NAND 与 DR ...

投资评级:增持(维持) 核心观点 | --- | --- | |------------------|------------| | 基本数据 | 2024-08-20 | | 收盘价(港元) | 5.08 | | 流通股本(亿股) | 26.45 | | 每股净资产(港元) | 3.57 | | 总股本(亿股) | 26.45 | 最近 12 月市场表现 -53% -40% -27% -14% -1% 11% 特步国际 恒生指数 分析师 于健 SAC 证书编号：S0160522060001 yujian@ctsec.com 联系人 王瑾瑜 wangjy03@ctsec.com 相关报告 1. 《运营指标改善，Q2 增长提速》 2024-07-15 2. 《剥离 KP 亏损业务，聚焦跑步赛道》 2024-05-15 3. 《库存优化明显，新品牌快速发展》 2024-03-19 特步国际(01368) / 纺织服饰 / 公司点评 / 2024.08.21 毛利率明显改善，专业运动板块高增 证券研究报告 ❖ 事件：公司 2024H1 营收 72.03 亿元，同比+10.4%，归母净利润 7.52 亿元， 同比+1 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's performance meets expectations, with growth driven by AI and automotive sectors [1][2] - The company reported a revenue of 3.037 billion yuan for H1 2024, a year-on-year increase of 21.59%, and a net profit attributable to shareholders of 105 million yuan, up 62.79% year-on-year [2] - The company is positioned to benefit from the AI speaker market and automotive acoustics, with significant growth potential anticipated [2] Financial Performance Summary - For H1 2024, the company achieved a revenue of 3.037 billion yuan, a 21.59% increase year-on-year, and a net profit of 105 million yuan, reflecting a 62.79% increase year-on-year [2] - In Q2 2024, the company reported a revenue of 1.768 billion yuan, a 25.29% year-on-year increase, and a net profit of 76 million yuan, up 32.18% year-on-year [2] - The gross margin for H1 2024 was 12.87%, an increase of 0.18 percentage points year-on-year, while Q2 2024 gross margin improved to 13.99%, up 0.55 percentage points year-on-year [2] Growth Drivers - The AI speaker segment is expected to be a key growth driver, with the launch of the "ChatMini" AI speaker in August 2023 and ongoing collaborations with various manufacturers [2] - The automotive acoustics business has begun mass production for key clients and is preparing for further production with other automotive manufacturers, indicating strong future growth potential [2] Earnings Forecast - The company is projected to achieve net profits of 319 million yuan, 438 million yuan, and 522 million yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.56 yuan, 0.77 yuan, and 0.92 yuan [2][5] - The price-to-earnings (PE) ratios are expected to be 20.03, 14.59, and 12.24 for the years 2024, 2025, and 2026 respectively [2][5]

公用事业 / 行业投资策略周报 / 2024.08.20 投资评级:看好(维持) 最近 12 月市场表现 -15% -9% -4% 1% 7% 12% 公用事业 沪深300 上证指数 分析师 张一弛 SAC 证书编号：S0160522110002 zhangyc02@ctsec.com 相关报告 1. 《新型电力系统方案发布 智能化与 绿色转型并举》 2024-08-14 2. 《绿电交易专章发布 可再生能源消 纳权重提升》 2024-08-06 配电网方案正式出台 深圳发布碳配额分配方案 证券研究报告 公用事业周报(2024.08.12-2024.08.18） 核心观点 ❖ 电力系统转型加速，能源技术取得突破：（1）国家能源局能源领域重大技 术装备项目--300MW 级变速抽水蓄能机组发电电动机 1:1 转子顺利通过飞逸试 验，我国变速抽水蓄能机组自主研制取得突破；（2）国家能源局印发《配电网 高质量发展行动实施方案(2024-2027 年)》，围绕供电能力、抗灾能力和承载 能力提升，结合各地实际，重点推进四个一批建设改造任务。(3) 深圳市生态 环境局官方网站发布关于印发《深圳市 2024 年度碳排放配额 ...

Investment Rating - The investment rating for the company is "Buy" (首次) [1] Core Viewpoints - The company has been deeply engaged in the inverter sector for over 20 years and has established itself as a leader in the energy storage market, with significant growth potential [3] - The company has maintained its position as the world's largest inverter supplier since 2021, with a market share of 22% in 2021 and 23.6% in 2022 [3] - The global energy storage market is experiencing robust growth, with a 136% year-on-year increase in new installations in 2023, and the company is well-positioned to capitalize on this trend [3] - The company is expected to achieve revenue of 860.69 billion, 1097.29 billion, and 1354.10 billion CNY from 2024 to 2026, with corresponding net profits of 108.22 billion, 130.68 billion, and 150.86 billion CNY [3] Summary by Sections Inverter Business - The company has a comprehensive product line and a global presence, with inverter shipments of 130GW in 2023, leading the market [10][21] - The company has established a strong brand value and is expected to further enhance its competitive advantage in the inverter market [3][26] - The company has a significant market share in ground power station inverters, increasing from 6.1% in 2011 to 33.4% in 2022 [18] Energy Storage - The energy storage market is essential for addressing energy consumption needs, with a CAGR of 81% from 2017 to 2023 [29] - The company has a strong early layout in energy storage, leveraging its experience in inverter technology to enhance its market position [31] - The company ranked second globally in energy storage system shipments in 2023, with a market share of 10.7% [44][49] Financial Forecast and Investment Suggestions - The company is projected to maintain strong revenue growth, with a forecasted revenue of 860.69 billion CNY in 2024, reflecting a 19.13% growth rate [4] - The company's net profit is expected to grow at a rate of 14.64% in 2024, indicating a solid profitability outlook [4] - The company is recommended for a "Buy" rating based on its strong market position and growth potential in both inverter and energy storage sectors [3][51]

投资评级:看好(维持) 最近 12 月市场表现 -20% -13% -7% -1% 5% 11% 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 相关报告 1. 《7 月份中国车市运行回顾》 2024- 08-13 2. 《汽车行业周报》 2024-08-13 3. 《7 月新能源汽车行业洞察》 2024- 08-08 汽车 / 行业投资策略周报 / 2024.08.20 证券研究报告 乘用车销量同比提升，商用车淡季销量有所承压 核心观点 ❖ 板块表现： 8 月 12 日-8 月 16 日沪深 300 指数涨幅-0.59%，申万行业指数中，一级行业汽 车相对收益为-0.005%，二级行业中，汽车零部件相对收益为 0.23%，汽车服 务相对收益为-0.30%，摩托车及其他相对收益为 6.37%，乘用车相对收益为- 0.68%，商用车相对收益为-2.12%。 ❖ 子行业观点： 乘用车：据乘联分会数据，8 月 1-11 日，乘用车市场零售 52 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company is expected to achieve a revenue of 1.48 to 1.53 billion yuan in the first half of 2024, representing a year-on-year growth of 78.63% to 84.66%. The net profit attributable to the parent company is projected to be between 115 to 135 million yuan, with a growth of 20.19% to 41.09% [2] - The semiconductor industry is showing signs of recovery, which is expected to support the company's growth. The company is increasing its production capacity in response to strong domestic demand and a recovering international market [2] - The company is planning to acquire 100% of Beijing Yisheng Precision Semiconductor, with a transaction amount not exceeding 800 million yuan. This acquisition is expected to enhance the company's capabilities and expand its product line [2] - The acquisition is anticipated to strengthen the company's position in the semiconductor parts market, providing a comprehensive solution for domestic and international semiconductor equipment manufacturers [2] Financial Projections - Revenue projections for 2024 to 2026 are 3.23 billion, 4.47 billion, and 5.65 billion yuan respectively, with net profits of 315 million, 442 million, and 568 million yuan respectively. The corresponding price-to-earnings (PE) ratios are 34.51, 24.60, and 19.14 times [2][4] - The company is expected to see a revenue growth rate of 56.3% in 2024, followed by 38.5% in 2025 and 26.3% in 2026 [4] - The net profit growth rate is projected to be 86.74% in 2024, 40.28% in 2025, and 28.53% in 2026 [4] - The company's return on equity (ROE) is expected to improve from 6.62% in 2024 to 10.48% in 2026 [4]