计算机 / 行业专题报告 / 2024.07.31 AMD 数据中心 GPU 高水旺盛。全力追赶英伟 ● 投美养品:大好(点点) 衰逝 12 月李场表現 務掉 SAC 证书简予：S0160522050001 yangye01@ctsec.com 岁云场 SAC 证书简予：S0160522050002 luoyy@ctsec.com 相关报告 1. 《税制土壤息界，修生全球财税 SaaS 丘头 Intuit》 2024-07-28 2. 《24Q2 基金持仓 找高安全边际爱产》 2024-07-21 3. 《岁卜扶跑出面，Robotaxi 进入高业 化か達阶段》 2024-07-14 美食物物 ■ 证券好欢报告 .. AMD 射積基蘋此好她券, MI300X 是主奏增长动力。北京时间 2024 年 7 月 31 日，AMD 发布共 2024 年 Q2 时报。2024Q2 AMD 实现状入 58 亿 关元，同比增长 9%。AMD 发布乐观密收招引，2024Q3 收入预计为 67 亿 上下。AMD 二季度 姜揚中心收入为 28 亿美元，占收入比查约 50%，变益 手 MI300 系列 AI 芯片，MI300X 在显 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [15] Core Insights - The company reported a significant increase in revenue and profit for the first half of 2024, with revenue reaching 920 million yuan, a year-on-year increase of 37.96%, and net profit attributable to shareholders reaching 152 million yuan, a year-on-year increase of 134.85% [1] - The company's gross margin improved to 44.11% in Q2 2024, up 3.14 percentage points year-on-year, driven by lower upstream supply chain costs and increased demand from module solution customers [9] - The company is experiencing strong demand driven by new product launches and customer expansion, particularly in the AIoT sector, with new products like ESP32-S3, C3, and C2 showing rapid growth [16] Financial Performance Summary - For 2024, the company is expected to achieve revenues of 2.053 billion yuan and net profits of 329 million yuan, with corresponding PE ratios of 36.13 [23] - The company’s revenue growth rate is projected to be 43.27% for 2024, followed by 29.78% in 2025 and 28.68% in 2026 [24] - The net profit growth rate is expected to be 141.24% for 2024, 37.75% for 2025, and 39.84% for 2026 [24] Product and Market Development - The company is enhancing its product matrix through the acquisition of M5 Stack, which will strengthen its hardware application solutions in the IoT market [21] - The introduction of new products such as low-power Bluetooth and dual-band WiFi 6 is anticipated to further drive growth in 2024 [16]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to benefit from a recovery in industry export data and the launch of new products, with a significant number of new tools and equipment introduced [3][4] - The company has launched 230 new products, including enhancements in battery technology and high-power tools, which are anticipated to drive revenue growth [3] - The company is positioned as an industry leader, with its brand Milwaukee ranking second in global sales of power tools and Ryobi being the leading brand in outdoor power equipment [3] Summary by Relevant Sections Industry Performance - In the first half of 2024, China's power tool exports reached $5.11 billion, a year-on-year increase of 14.3%, while lawn mower exports were $1.35 billion, up 27.0% [3] - The second quarter of 2024 saw a significant increase in exports, with power tools reaching $2.75 billion (up 17.1% year-on-year) and lawn mowers at $590 million (up 55.0% year-on-year) [3] Financial Projections - The company is projected to achieve revenues of $14.91 billion, $16.47 billion, and $18.36 billion for the years 2024, 2025, and 2026 respectively, with net profits of $1.16 billion, $1.32 billion, and $1.49 billion [4][5] - The expected growth rates for revenue are 8.59%, 10.48%, and 11.46% for the years 2024, 2025, and 2026 respectively [5] Market Position - The company’s Milwaukee brand has a market share of 6% in the professional power tool segment, while Ryobi holds an 8% share in the DIY segment [3] - The company is expected to benefit from the anticipated recovery in consumer demand and channel restocking due to the strengthening of U.S. interest rate cut expectations [4]

● 故美洋集-洋林(文林) | --- | |------------| | 技术教育 | | 状食价(无) | | | 等庭冲炎产(无)18.79 必聚本(化酸)29.12 蒸逝 12 月市场表现 茶丈 水 SAC 证书简予：S0160517100001 zhangwenlu@ctsec.com • 相关报告 1.《业绩符合预期,24 午级特稳健增长》 2024-03-21 2. 《妆入增长稳健，利润减表现优于找 入流》 2023-11-01 3. 《Q2 制除新经收入增长至劲，利润 及現金流持续改革》 2023-08-01 . � 苏明康德(603259)/ 医疗服务 / 公司总计 / 2024.07.30 在手订单增速報快 . 重业绩相对 ■ 证券好文报告 2019年 • 事件：24H1 失现警戒 172.41 亿元 (-8.64%)，曾非非利润 42.40 亿元 (-20.20%)，经 调娄 Non-IFRS 甘亭本村河 43.7 亿元 (-14.2%)；单 Q2 实现营收 92.59 亿元 (-6.55%). 均享 22.98 亿元（-26.94%） 经调梦 Non-IFRS 均享冷利润为 24.6 ...

Investment Rating - The report maintains a "Positive" investment rating for the chemical industry [1]. Core Viewpoints - The overall market index has declined, with the Shanghai Composite Index closing at 2890.90, down 3.07% for the week, and the chemical sector specifically down 3.70% [3][8]. - Key stocks in the chemical sector showed significant fluctuations, with top gainers including Fengguo Co. (+26.98%) and Lekai Film (+13.41%), while major losers included Shuangle Co. (-17.19%) and Tongyi Co. (-15.35%) [13][15]. - The report highlights a notable increase in the prices of Vitamin D3, formic acid, and anionic surfactants, while significant declines were observed in liquid gas and isobutanol prices [18][19]. Summary by Sections Recent Market Performance - The chemical sector has experienced a decline of 3.70% this week, with the overall market indices also showing downward trends [8][9]. - The top-performing sub-sectors included textile chemical products (+0.69%) and inorganic salts (+0.05%), while coal chemical (-9.70%) and nitrogen fertilizers (-8.14%) faced the largest declines [10]. Chemical Product Price Changes - The report notes that Vitamin D3 prices increased by 18.92% to 220 CNY/kg, driven by supply tightness [18][21]. - Formic acid prices rose by 9.52% to 2300 CNY/ton due to reduced supply [18][21]. - Conversely, liquid gas prices plummeted by 78.03% to 29 CNY/ton, attributed to weak downstream demand [19][22]. Key Industry and Company News - The report emphasizes the importance of domestic substitution in high-end optical materials, suggesting a focus on companies like Stik and Dongcai Technology [4]. - It also highlights the animal nutrition sector, where the demand for amino acids is expected to grow, particularly for leading companies like Meihua Biological [4]. - The report suggests monitoring leading chemical companies that benefit from lower natural gas prices and recovering downstream demand, such as Wanhua Chemical [4].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's automotive safety business is showing marginal improvement, and the automotive electronics business is experiencing a high demand period. Revenue projections for 2024-2026 are estimated at 601.24 billion, 634.79 billion, and 665.16 billion yuan, with corresponding net profits of 14.14 billion, 17.66 billion, and 20.71 billion yuan, leading to PE valuations of 14x, 11x, and 10x respectively [1][2] Financial Performance Summary - For the first half of 2024, the company reported revenue of approximately 270.80 billion yuan, a year-on-year increase of 0.24%, and a net profit of about 6.38 billion yuan, reflecting a year-on-year growth of 34.14% [2] - In Q2 2024, the company achieved a revenue of 138.02 billion yuan, a 0.07% increase year-on-year, and a net profit of 3.31 billion yuan, up 20.37% year-on-year [2] - The overall gross margin for the first half of 2024 improved by 2.4 percentage points to approximately 15.8%, with the automotive safety business gross margin at about 14.3% [2] Revenue and Profit Forecast - Revenue forecasts for the upcoming years are as follows: - 2024: 601.24 billion yuan - 2025: 634.79 billion yuan - 2026: 665.16 billion yuan - Net profit forecasts are: - 2024: 14.14 billion yuan - 2025: 17.66 billion yuan - 2026: 20.71 billion yuan - The projected growth rates for revenue and net profit indicate a steady increase, with net profit growth rates of 30.57%, 24.87%, and 17.30% for 2024, 2025, and 2026 respectively [3][5]

海大集团(002311) / 饲料 / 公司点评 / 2024.07.30 饲料主业竞争优势稳固,养殖专业化 因 投资评级:增持(维持) | --- | --- | |-------------------|------------| | 基本數据 | 2024-07-29 | | 收盘价(元) | 42.87 | | 流通股本(亿股) | 16.63 | | 每股净资产(元) | 12.10 | | 总股本(亿股) | 16.64 | | 最近 12月市场表现 | | 余剑秋 分析师 SAC 证书编号： S0160522050003 yujq01@ctsec.com � 相关报告 1. 《主业优势稳健增长,盈利能力改善 明显》 2024-04-23 2. 《饲料业务稳健增长,养殖业务有所 减亏》 2023-10-22 3. 《饲料主业稳步增长,养殖业务暂时 承压》 2023-08-29 & � 核心观点 ■ 证券研究报告 事件: 公司 2024H1 营业收入-0.84%,归母净利润+93.15%。公司 2024 年上 半年实现营业收入 522.96 亿元（同比-0.84%）,归母净利润 21.25 亿元（同 ...

房地产开发 / 行业投资策略周报 / 2024.07.29 房地产行业周报（2024 年第 30 周） ● 投资计划:方法(点击) 衰逝 12 月李场表現 欧 FB 之 大 Adhy SAC 证书编号：S0160524070001 oyzg@ctsec.com 天 多彩 SAC 证书简予：S0160524060001 wumr@ctsec.com 相关报告 1.《房地产行业周报(2024 年紧 29 周)》 2024-07-21 2.《房地产行业周报(2024 年薪 28 周)》 2024-07-15 3.《房地产行业周报(2024 年紧 27 周)》 2024-07-08 夹行：下调常备借贷利利率 10 个差点 ■ 证券所定报告 的温和海 � 本周祗≥∏順：本周（2024/7/19~2024/7/25）中万房地产指载下跌 2.69%. 沪深 300 指数较上周下跌 3.67%，板块跑高沪深 300 指数 0.97pct，查 31 个 板块中非影 19 位。 行业教希闻願：本周（2024/7/19-2024/7/25）30 大中城市商品房成交面积 162 万千米，环比-2.4%，同比-33.7%。匈分城市能战 ...

● 校友 平县 北林 ( 文县 ) | --- | |------------| | 未來 | | 收食价(无) | | | 等股外交产(无)14.34 多聚本(亿聚)16.90 蒸海 12 月市场表现 � 洋 系呼 SAC 证书简予：S0160522070001 bich@ctsec.com 相关报告 1. 《Q1 业绩락超预期，经营现金流亦 有效活》 2024-04-28 2. 《一体稳礼稳打，两奚富券待发》 2024-03-21 3. 《一体两奚稳争推进，涂料领域弄下 一级》 2023-10-27 : � 北新建材(000786) / 竞修建材 / 公司深度研究报告 / 2024.07.29 稳健之余逆成长，龙头之外有新材 ■ 证券所究报告 外海海海 る會板是高集中度的稳优市场，是失高春裝价空间： 年经产业研究院並 示 2022 辛衣固る亲板市场规模的 169 亿元，增速稳定，2022 辛公司名亲板产 圣ロ径市占年已经达到 68%。海外经验布，名亲板头部企业大多为综合型走材 供应商，产品线丰富，且基于较高议价能力，营业利润年给材较高水子。美国 乙膏板市场提价存在一定规律：首先下将新开工及翻新宽本旺盛，共 ...

轻工制達 / 行业投資資產周振 / 2024.07.28 6 月 家居卖 场镇嶺 同比+7:9%，以旧换新获资金越特 ● 投美养品:大好(点点) 衰逝 12 月李场表現 宮 明 瓊 Adhy SAC 证书编号：S016052303001 lvmz@ctsec.com 最高人 何我 hedong@ctsec.com � 海关报告 1. 《鼻全白银报连以旧换新，期待奇圣 宮本餐水》 2024-07-25 2. 《6 月家共享受領同比+1.1%, Vuse Alto 获客统计可》 2024-07-21 3. 《老旧小区改造持续报述，关注相关 特貨》 2024-07-21 4经工行业周报 ■ 证券所无损多 年 � 本周行恰闻願：本周（2024.7.22-2024.7.26）中方经工指象校报 1595.48 点, 周涨跌幅为-2.81%，跑高沪深 300 指数 0.86pct，在 31 个中方一段行业中排名 系 20。本周经工制造匈分抵块者跌，包装印刷/违货/文获用品/客居用品分别- 1.33%/-1.58%/-3.80%/-4.33%。 � 以旧装新装 3000 亿元左右超长期特别国後衰全，办力支持大规模设备更新和消 ...