行 业 研 究 / 电 子 设 备/ 证 券 研 究 报 告 挖掘价值 投资成长 电子设备 沪深300 [Table_Title] 电子设备行业专题研究 电子行业2024年半年报总结：自主可控 持续推进，AI创新带动产业升级 2024 年 09 月 19 日 [Table_Summary] 【投资要点】 2024 年上半年，电子行业整体业绩提升。电子行业上市公司 2024 年 上半年营业总收入和归母净利润分别为 15506.99 亿元和 647.13 亿 元，同比分别增长 17.27%和 39.26%。电子行业为 24H1 公募基金第一 大持仓板块。根据公募基金 2024 年半年报，公募 A 股和港股持仓市 值为 55639 亿元，其中电子公司市值为 7293 亿元，占比为 13.1%，在 31 个申万行业当中排名第 1，超配比例为 5.4%。24H1 公募基金增持 工业富联、鹏鼎控股、深南电路、立讯精密、京东方 A 等，减持通富 微电、卓胜微、紫光国微、三安光电和中芯国际等。2024 年 1-8 月， 申万电子指数下跌 12.9%，同期沪深 300 指数下跌 3.2%，电子行业在 全行业中涨跌幅排名为 11 ...

]yrtsudnI_elbaT[ 公 司 研 究 / 信 息 技 术/ 证 券 研 究 报 告 [Table_Title] 新易盛（300502）2024年中报点评 24H1行业景气度持续提升，带动高速率 产品需求快速增长 2024 年 09 月 19 日 [【投资要点】 Table_Summary] 2024 年上半年公司实现营业收入 27.28 亿元，同比增长 109.07%，归 母净利润 8.65 亿元，同比增长 200.02%，主要是受益于行业景气度持 续提升，带动高速率产品需求快速增长。上半年公司综合毛利率 43.04%，同比增长 13.63%，盈利能力的提升，一方面是公司固有产品 结构、技术方案、工艺流程等成本管控的优势，也持续通过多种方式 优化成本管控能力，一方面光模块随着新技术、新产品的持续迭代和 上量，公司高速率产品的销售占比持续提升。上半年公司销售费用率、 管理费用率、研发费用率分别为 1.45%、2.48%、4.75%，销售费用率 同比增长主要是持续开拓市场导致，研发费用率同比增长主要是人员 薪酬及股份支付费用增加。上半年公司经营产生的净现金流为-2.91 亿元，去年同期为 4.83 亿 ...

[Table_Title] 电子设备行业专题研究 挖掘价值 投资成长 | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

[Table_Title] 有色金属行业专题研究 业绩拐点已现，景气周期可期 2024 年 09 月 18 日 [Table_Summary] 【投资要点】 二季度收入和利润增速回升明显。2024 年上半年上市有色金属行业样 本企业实现营业收入 16057.8 亿元，同比增长 1.1%；实现归母净利润 632.1 亿，同比下降 9.8%。季度而言，2024Q2 有色金属样本企业实现 收入 8749.5 亿元，同比增长 6.3%；实现归母净利润 392.2 亿元，同 比增长 17.1%。在经历 2023Q1 至 2024Q1 四个季度负增长之后，2024Q2 有色行业利润同比增速转正。分板块，黄金和铜受益于上半年价格上 涨，收入保持强劲增长，磁性材料、非金属新材料、稀土和锂等行业 利润增速相对承压。 盈利能力同环比均迎来修复，现金流环比显著回升。2024Q2 有色金属 样本企业归母净利润率为 4.5%，同比回升 0.4pct，环比回升 1.2pct。 二季度行业整体盈利能力修复明显，主要原因系铝、黄金、钨和铅锌 等板块归母净利润率二季度环比显著回升，回升幅度分别为 2.3pct、 1.7 pct、1.5 pct ...

[Table_Title] 电子设备行业动态点评 AI景气，关注光通信等板块 2024 年 09 月 18 日 [Table_Summary] 【事项】 甲骨文云业务经营良好，资本开支强劲。 9 月 9 日甲骨文公告最新一 期财报，其中云服务同比增长 21%，云服务已经成为公司最大业务。 甲骨文在全球拥有 162 个正在运营和建设的云数据中心，这些数据中 心中最大的是 800 兆瓦，将包含数英亩的英伟达 GPU 集群，用于训练 大规模人工智能模型，在最新这个季度公司增加了 42 个云 GPU 合同， 签署总额为 30 亿美元。甲骨文以其数据库软件而闻名，目前专注于 扩大租用计算机电源和存储的云基础设施业务，以与亚马逊 (AMZN.US)、微软(MSFT.US)和 Alphabet(GOOGL.US)等公司竞争。甲骨 文高管表示，预计 2025 财年的资本支出将是 2024 财年的两倍。 英伟达需求强劲，云服务回报率高。周三黄仁勋在高盛集团举办的技 术会议上发表了讲话，表示对英伟达产品的需求非常强劲，英伟达的 技术不仅加快了传统的工作负载处理，还能处理旧有技术无法应对的 AI 任务。根据黄仁勋的说法，云服务提供 ...

Investment Rating - The report assigns a "Buy" rating to Zhaomin Technology (301000) for the first time [4] Core Views - Zhaomin Technology's 2024 H1 performance showed significant improvement, with revenue reaching 340 million yuan, a YoY increase of 18.32%, and net profit attributable to the parent company reaching 78 million yuan, a YoY increase of 55.20% [2] - The company's gross profit margin in 2024 H1 was 35.38%, a YoY increase of 4.08 percentage points, and the net profit margin was 22.77%, a YoY increase of 5.41 percentage points [1] - Zhaomin Technology is expected to achieve sustained growth in 2024, with revenue and net profit forecasts of 808.68 million yuan and 145.48 million yuan, respectively [5] Business Performance - In 2024 Q2, the company's revenue was 182 million yuan, a YoY increase of 16.73%, and net profit attributable to the parent company was 42 million yuan, a YoY increase of 41.72% [2] - The company's gross profit margin in 2024 Q2 was 35.67%, a YoY increase of 3.19 percentage points, and the net profit margin was 23.06%, a YoY increase of 4.07 percentage points [1] Market and Product Development - Zhaomin Technology focuses on the development of precision injection molding parts and related precision molds, with products applied in automotive and humanoid robotics fields [1] - In the new energy vehicle sector, the company's products are mainly used in thermal management modules and three-electric systems, with several core components already in mass production [1] - The company is actively developing products and expanding its customer base in the hydrogen energy vehicle sector [1] Financial Projections - The company's revenue is expected to grow to 1.28 billion yuan by 2026, with a CAGR of 22.37% from 2024 to 2026 [5] - Net profit attributable to the parent company is projected to reach 230.19 million yuan by 2026, with a CAGR of 21.88% from 2024 to 2026 [5] - The company's EPS is forecasted to be 0.60 yuan, 0.78 yuan, and 0.95 yuan for 2024, 2025, and 2026, respectively [5] Valuation Metrics - The company's P/E ratio is expected to decrease from 19.77 in 2024 to 12.50 in 2026 [5] - The P/B ratio is projected to decline from 2.42 in 2024 to 2.19 in 2026 [5] - The EV/EBITDA ratio is forecasted to decrease from 15.84 in 2024 to 9.82 in 2026 [5]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [4]. Core Insights - The company achieved revenue of 35.6 billion yuan in the first half of 2024, a year-on-year increase of 7.8%, and a net profit attributable to shareholders of 478 million yuan, up 19.2% year-on-year. The non-recurring net profit reached 284 million yuan, reflecting an impressive growth of 86.8% year-on-year [2]. - The demand for medium and heavy trucks in 2024 increased by 4.4% year-on-year, with the company's sales of medium and heavy trucks reaching 123,000 units, a 9.4% increase year-on-year, capturing a market share of 21.5%, which is a 1 percentage point increase compared to the previous year [2]. - The company is expanding its market share in the new energy sector and exports, with new energy vehicle sales reaching 8,500 units, a remarkable growth of 139.8% year-on-year, and export sales of 35,500 units, up 37.2% year-on-year [2]. Summary by Sections Financial Performance - In Q2 2024, the company reported revenue of 16.62 billion yuan, a decrease of 12.4% year-on-year and quarter-on-quarter. The net profit attributable to shareholders was 309 million yuan, down 9.0% year-on-year but up 82.5% quarter-on-quarter [2]. - The company forecasts revenues of 76.66 billion yuan, 82.84 billion yuan, and 89.16 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 946 million yuan, 1.36 billion yuan, and 1.82 billion yuan for the same years [5][6]. Market Position and Strategy - The company is actively investing in new energy and intelligent driving technologies, aiming to enhance its competitive edge. It has developed L4 level autonomous driving products and is exploring various operational scenarios [3]. - The company plans to establish a new international trade company to further expand its overseas business and improve profitability [2]. Growth Potential - The company is expected to benefit from the old-for-new policy, which is anticipated to stimulate demand for medium and heavy trucks, leading to stable growth in performance in 2024. The long-term outlook remains positive due to active layouts in new energy, intelligence, and exports [5].

Investment Rating - Maintain "Overweight" rating [2][5] Core Views - Revenue and gross margin declined, putting pressure on profits YoY [2] - H1 2024 revenue: 4.492 billion yuan, down 32.5% YoY - H1 2024 net profit: 768 million yuan, down 59.6% YoY - H1 2024 gross margin: 19.0%, net margin: 13.5% - Q2 2024 revenue: 2.19 billion yuan, down 34.0% YoY and 4.7% QoQ - Q2 2024 net profit: 300 million yuan, down 69.1% YoY and 35.9% QoQ - Lithium carbonate business achieved cost reduction and efficiency improvement [2] - Lithium carbonate operating cost per ton: 50,000 yuan, down over 10% YoY - Subsidiary Huaqiao Mining increased production scale from 3 million tons/year to 9 million tons/year - Yongcheng Lithium's 3 million tons/year lithium ore beneficiation project nearing completion - Special steel business improved profit per ton through production, supply, and sales optimization [2] - Focused on increasing product gross margin per ton - Successful R&D projects in nuclear power, aerospace, new energy vehicles, and industrial robotics Financial Forecasts - Revenue and profit forecasts adjusted downward [5] - 2024E revenue: 8.68 billion yuan - 2025E revenue: 9.73 billion yuan - 2026E revenue: 11.44 billion yuan - 2024E net profit: 1.172 billion yuan - 2025E net profit: 1.545 billion yuan - 2026E net profit: 2.249 billion yuan - Valuation metrics [5][6] - 2024E P/E: 15.9x - 2025E P/E: 12.1x - 2026E P/E: 8.3x - 2024E P/B: 1.35x - 2025E P/B: 1.24x - 2026E P/B: 1.11x Company Fundamentals - Market performance [4] - Market cap: 18.647 billion yuan - 52-week high/low: 58.60/29.92 yuan - 52-week P/E range: 8.79/4.03x - 52-week P/B range: 2.37/1.27x - 52-week return: -23.88% - 52-week turnover rate: 553.28% - Profitability [8] - 2024E gross margin: 18.05% - 2025E gross margin: 21.14% - 2026E gross margin: 26.18% - 2024E net margin: 13.85% - 2025E net margin: 16.30% - 2026E net margin: 20.23%

Investment Rating - The report assigns an "Accumulate" rating for the company [3]. Core Views - The company reported a total revenue of 7.014 billion yuan for the first half of 2024, representing a year-on-year growth of 5%. However, the net profit attributable to shareholders decreased by 73% to 0.11 billion yuan, primarily due to the impact of its subsidiary, Shenzhou Information. Excluding this subsidiary, the company's revenue grew by 20% to 2.936 billion yuan, and net profit increased by 380% to 0.41 billion yuan [2]. - The "Big Data + AI" strategy is showing strong growth, with revenue from big data products and solutions reaching 1.277 billion yuan, a year-on-year increase of 17%, and a compound annual growth rate (CAGR) of 26% over the past four years. The gross profit from this segment was 315 million yuan, with a gross profit margin of 33% [2]. - The company's overseas business is expanding, with overseas revenue reaching 465 million yuan, a year-on-year increase of 55%, and accounting for 7% of total revenue. The company is building a cross-border service platform in collaboration with major clients [2]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved total revenue of 70.14 billion yuan, with a gross profit of 9.57 billion yuan and a gross profit margin of 13.65%, down 2.96 percentage points year-on-year. The net profit attributable to shareholders was 0.11 billion yuan, down 73% year-on-year [2]. - Excluding the impact of Shenzhou Information, the company's revenue was 29.36 billion yuan, up 20% year-on-year, and net profit was 0.41 billion yuan, up 380% [2]. Business Strategy - The company is focusing on the "Big Data + AI" strategy, which has led to significant growth in its big data products and solutions. The revenue from this segment reached 1.277 billion yuan, with a year-on-year growth of 17% and a gross profit margin of 33% [2]. - The company has a strong order backlog in its big data business, with signed but unfulfilled orders amounting to 2.424 billion yuan, a 15% increase year-on-year [2]. Future Outlook - The company is expected to continue its growth trajectory, with projected revenues of 19.299 billion yuan, 20.531 billion yuan, and 22.145 billion yuan for 2024, 2025, and 2026, respectively. The net profit attributable to shareholders is projected to be 0.374 billion yuan, 0.571 billion yuan, and 0.741 billion yuan for the same years [5][6].

行 业 研 究 / 信 息 技 术/ 证 券 研 究 报 告 2024 年 09 月 12 日 [Table_Title] 信息技术行业专题研究 营收和利润分化加剧，未来成长性看AI 和智能驾驶 【配置建议】 [Table_Summary] 【投资要点】 回款压力影响现金流。2024H1，计算机板块应收账款持续增加，占营 收比重达 72.65%，回款压力较大，导致经营性净现金流同比 2023H1 减少 111.35 亿元，为-547.17 亿元。计算机板块季节性明显，大部分 回款发生在下半年，因此上半年净现比长期为负，2024H1 净现比为 -6.39。 跑输市场，机构持仓下滑。2024H1，计算机（申万）跌幅为 32.60%， 全市场倒数第一。机构持仓方面，相比 2023H1，计算机行业投资市值 占比下跌 3.53pct，重仓持股中总市值前五为海光信息、寒武纪、金 山办公、海康威视和科大讯飞，主要为算力和 AI 应用领域。 细分板块：算力、智驾和工业软件景气度较高，收入均有所增长；数 据要素利润端持续承压，下半年有望受政策催化迎来拐点；网络安全 板块收入有所放缓，但随着费用管控到位，利润端增速已抬头，建议 ...