润本股份(603193) / 美容护理 / 公司点评 / 2024.08.17 驱蚊旺季快速增长，产品结构优化盈利能力增强 | --- | --- | |------------------------|------------| | | | | 基本数据 | 2024-08-16 | | 收盘价 ( 元 ) | 17.22 | | 流通股本 ( 亿股 ) | 0.61 | | 每股净资产 ( 元 ) | 5.02 | | 总股本 ( 亿股 ) | 4.05 | | 最近 12 月市场表现 | | -44% -35% -26% -17% -8% 1% 润本股份 沪深300 分析师 刘洋 SAC 证书编号：S0160521120001 liuyang01@ctsec.com 相关报告 1. 《Q1 利润增速超预期，期待销售旺 季新品表现》 2024-04-25 2. 《营收规模持续增长，带动盈利能力 提升》 2024-01-25 3. 《Q3 营收增速减缓，净利率提升保 持盈利韧性》 2023-10-28 证券研究报告 ❖ 事件：公司发布 2024 年半年报：2024H1 公司实现营收 7.44 亿元，同比增 ...

Investment Rating - The investment rating for the company is "Buy" (首次) [1] Core Viewpoints - The company is a leading player in the digital printing industry, focusing on a comprehensive product matrix that includes digital printing equipment, inks, and process solutions, achieving over 50% market share in high-end textile digital inkjet printing machines in China from 2017 to 2019 [2][3] - The penetration rate of digital printing equipment is increasing, driven by the "small batch quick return" model in the textile industry, which is expected to accelerate the transition from traditional printing methods to digital printing [2][3] - The company is enhancing its revenue growth through a dual-driven model of "equipment + ink," with significant investments in production capacity for both digital printing equipment and inks [2][3] Company Overview - The company has been dedicated to the digital printing field for 30 years, developing a full industry chain advantage [13] - The product structure includes three main categories of digital printing equipment: direct-to-fabric printers, digital ink transfer printers, and high-speed industrial printers, along with various types of inks [13][52] - The company has a stable shareholding structure with no controlling shareholder, and the management team has extensive industry experience [49][52] Financial Analysis - The company has shown steady growth in profitability, with a CAGR of +28.24% in revenue and +34.83% in net profit from 2017 to 2023 [57] - The projected revenue for 2024-2026 is expected to reach 1.665 billion, 2.243 billion, and 2.927 billion yuan, with corresponding net profits of 416 million, 543 million, and 700 million yuan [3][4] - The company’s gross profit margins for digital printing equipment and ink have improved significantly, indicating enhanced profitability [57]

电子 / 行业专题报告 / 2024.08.16 AI 催化交换机配套升级，PCB 行业有望受益 投资评级:看好(维持) 最近 12 月市场表现 -25% -18% -11% -4% 3% 10% 电子 沪深300 上证指数 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. 《AI 引领增长，行业复苏向上》 2024-06-28 2. 《景气度呈现复苏态势，国产替代集 中发力》 2024-05-23 3. 《铜互联，数据中心通信网络重要解 决方案》 2024-05-23 表 1：重点公司投资评级: EPS（元） PE 投资评级 2023A 2024E 2025E 2023A 2024E 2025E 002463 沪电股份 622.08 32.51 0.79 1.20 1.53 27.91 27.01 21.24 增持 002916 深南电路 542.98 105.87 2.73 3.52 4.21 26.04 30.06 25.13 增持 60 ...

继峰股份(603997) / 汽车零部件 / 公司点评 / 2024.08.16 投资评级:增持(维持) 核心观点 | --- | --- | |------------------------|------------| | 基本数据 | 2024-08-15 | | 收盘价 ( 元 ) | 11.03 | | 流通股本 ( 亿股 ) | 11.66 | | 每股净资产 ( 元 ) | 4.18 | | 总股本 ( 亿股 ) | 12.66 | | 最近 12 月市场表现 | | -30% -22% -14% -6% 1% 9% 继峰股份 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. 《乘用车座椅总成再获定点，订单充 裕未来可期》 2024-07-26 2. 《乘用车座椅总成项目获头部主机厂 定点》 2024-07-15 3. 《H1 业绩扭亏为盈，乘用车座椅空 新兴业务发展迅速，海外业务整合持续推进 证券研究报告 ❖ 事件 ...

电力设备 / 行业投资策略周报 / 2024.08.15 主产业链出清，各板块均在复苏 投资评级:看好(维持) 最近 12 月市场表现 -36% -29% -21% -14% -7% 0% 电力设备 沪深300 分析师 张一弛 SAC 证书编号：S0160522110002 zhangyc02@ctsec.com 相关报告 1. 《硅片价格预计见底 海风项目逐步 突破》 2024-08-06 2. 《8 月光伏排产乐观，电新各板块 底部回升》 2024-08-01 3. 《24Q2 新能源持仓下滑，电网较为 稳定》 2024-07-25 核心观点 周观点 证券研究报告 ❖ 光伏：本周国内光伏市场持续低迷，硅料、硅片、电池片和组件价格全面下 跌，辅材价格整体稳定。硅料方面，国产块料均价降至每公斤 39 元，颗粒硅 价格降至每公斤 36 元。电池片方面，P 型 M10 和 G12 分别降至每瓦 1.25 元 /1.70 元，N 型电池片价格也有所下降。组件价格普遍下滑，TOPCon 组件约为 每瓦 0.72-0.80 元。硅料和电池片产量预计下降，反映出市场的供需失衡。光 伏行业面临价格压力和产量波动，但也在积极 ...

中芯国际(688981) / 半导体 / 公司点评 / 2024.08.15 收入毛利均超预期，晶圆行业筑底回升 投资评级:增持(维持) 核心观点 证券研究报告 | --- | --- | |----------------|------------| | 基本数据 | 2024-08-14 | | 收盘价(元) | 48.95 | | 流通股本(亿股) | 79.56 | | 每股净资产(元) | 17.94 | | 总股本(亿股) | 79.56 | 最近 12 月市场表现 -17% -9% -1% 7% 15% 23% 中芯国际 沪深300 分析师 张益敏 SAC 证书编号：S0160522070002 zhangym02@ctsec.com 相关报告 1. 《收入环比增加，资本开支上调》 2023-11-15 2. 《收入稳定增长，下游复苏抬头》 2023-08-11 3. 《中芯国际 2023Q1 季报点评》 2023-05-16 ❖ 事件：中芯国际2024Q2财报显示该季度收入19.0亿美元，同比上升21.8%， 环比上升 8.6%；毛利率 13.9%，同比下降 6.4 个百分点，环比上升 0.2 ...

投资评级:增持(维持) 核心观点 | --- | --- | |----------------|------------| | 基本数据 | 2024-08-14 | | 收盘价(元) | 73.57 | | 流通股本(亿股) | 8.87 | | 每股净资产(元) | 8.27 | | 总股本(亿股) | 23.24 | 最近 12 月市场表现 -17% 0% 17% 33% 50% 67% 海光信息 沪深300 分析师 杨烨 SAC 证书编号：S0160522050001 yangye01@ctsec.com 分析师 罗云扬 SAC 证书编号：S0160522050002 luoyy@ctsec.com 相关报告 1. 《收入增长超预期，加大新品研发力 度》 2024-07-15 2. 《业绩略超预期，存货大幅增长蓄势 待发》 2024-04-25 3. 《毛利率显著提升，DCU 投入力度加 大》 2024-04-12 海光信息(688041) / 计算机 / 公司点评 / 2024.08.15 前瞻指标持续创新高，DCU 支持大模型训练 证券研究报告 ❖ 事件：公司发布 2024 年中报，2024 年 ...

证券研究报告 投资评级:增持(首次) 核心观点 | --- | --- | |--------------------|------------| | 基本数据 | 2024-08-14 | | 收盘价(元 ) | 15.44 | | 流通股本 (亿股) | 0.84 | | 每股净资产 (元) | 7.86 | | 总股本(亿股 ) | 3.37 | | 最近 12 月市场表现 | | 分析师 佘炜超 SAC 证书编号：S0160522080002 shewc@ctsec.com IPO 融资促进扩产，推进募投项目。公司于 2023 年进行了 IPO 募资，募 资金额约 9.1 亿元，主要投资于生产智能化改造和研发测试基地建设项目。募 投项目将提升雷达整体智能化生产水平，提升关键工序生产效率和产品质量， 同时为公司研发提供更为良好的测试环境。 航天南湖(688552) / 军工电子Ⅱ / 公司深度研究报告 / 2024.08.14 立足防空预警雷达，推进业务多元化 防空预警雷达龙头企业，产品品类全面。公司是国内防空预警雷达设计和 生产制造的龙头企业之一，由于行业的高门槛，同赛道内竞争对手较少。公 司的主要业 ...

Company Overview - The company, Suzhou Kema Materials Technology Co Ltd, was founded in 2009 and specializes in advanced structural ceramics, particularly for the semiconductor industry [1] - It has developed key products such as 12-inch electrostatic chucks, ultra-high purity silicon carbide kits, and ceramic heaters, contributing to the localization of critical semiconductor equipment components [1] - The company is led by Dr Liu Xianbing, a ceramic materials expert with nearly 20 years of experience in the field [6] Financial Performance - In 2023, the company achieved a sales gross margin of 39 78%, a net profit margin of 17 04%, and an ROE of 11 86% [1] - Revenue increased by 3 89% year-over-year, while net profit declined by 12 20% [1] - The company expects significant growth in 2024, with projected revenue of 3 65-3 92 billion yuan, a 55 93%-67 46% increase, and net profit of 120-144 million yuan, a 253 66%-323 08% increase [28] Market Position and Industry - The company is a leader in domestic advanced structural ceramics for semiconductors, with a strong focus on localization and technological breakthroughs [1] - The global advanced structural ceramics market was valued at 1,067 billion yuan in 2021, with China accounting for 261 billion yuan, and is expected to grow to 1,176 billion yuan by 2024 [12] - The domestic semiconductor equipment advanced structural ceramics market had a localization rate of only about 19% in 2021, indicating significant room for growth [13] Products and Technology - The company offers a wide range of advanced ceramic products, including materials for semiconductor, display panel, and powder processing industries [18] - Key products include ceramic heaters, electrostatic chucks, and ultra-high purity silicon carbide kits, which are critical for semiconductor manufacturing [19] - The company has a strong R&D focus, with 152 technical personnel accounting for 18 34% of total employees, and R&D expenses reaching 46 53 million yuan in 2023 [31][32] Customer Base - The company serves major domestic and international clients, including A Company, Northern Huachuang, and TCL CSOT [36] - It has established long-term relationships with leading companies in the semiconductor, display panel, and powder processing industries [36] Growth Drivers - The company benefits from the rapid development of the domestic semiconductor industry and the increasing demand for localized semiconductor equipment components [25] - Its focus on R&D and technological innovation positions it well to capitalize on the growing demand for advanced structural ceramics in various high-tech industries [30][33]

汽车 / 行业投资策略周报 / 2024.08.13 投资评级:看好(维持) 最近 12 月市场表现 -22% -16% -10% -4% 2% 8% 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 月新能源汽车行业洞察》 2024- 08-08 2. 《Robotaxi 行业专题报告》 2024- 08-06 3. 《7 月重卡行业洞察》 2024-08-02 淡季销量有所承压，以旧换新政策有望带动行业回暖 证券研究报告 核心观点 ❖ 板块表现： 8 月 3 日-8 月 9 日沪深 300 指数涨幅-0.35%，申万行业指数中，一级行业汽车 相对收益为-0.13%，二级行业中，汽车零部件相对收益为 0.32%，汽车服务相 对收益为-4.50%，摩托车及其他相对收益为 2.79%，乘用车相对收益为-1.03%， 商用车相对收益为-0.17%。 ❖ 子行业观点： 乘用车：据乘联会数据，7 月 1-31 日，乘用车市场零 ...