行 业 研 究 / 传 媒 互 联 网/ 证 券 研 究 报 告 诸神的黄昏：超级入口的诞生与智能应 用的重构 2024 年 09 月 09 日 [Table_Title] 传媒互联网行业专题研究 【配置建议】 [Table_Summary] 【投资要点】 传统应用形式将会被 AI Agent 取代，数据量越小、供给颗粒度越大 的交易类应用越容易被颠覆。在"小程序"的战争中，手机厂商集体 败给了微信，新一轮流量争夺中，比"小程序"更轻的模式将会出现。 此外，AI Agent 将会成为 C 端应用的主要形态，由于手机厂商基因和 数据限制，多 Agent 协同是手机厂商和应用的最好合作形态。数据量 越小、供给颗粒度越大，原有应用格局越容易被颠覆，航空、快递、 票务、酒旅、外卖、电商，格局被颠覆难度逐步增大。 大模型是 AI 时代超级流量入口，传统手机厂商将通过自建大模型把 握入口优势。生成式人工智能不仅带来生产方式的变革，也将带来交 互方式的变革。用户使用越便捷（语音操控）、给用户的选择越少（直 接回答）、用户对结果的满意度越高（数据应用），其流量入口价值越 大。AI 的流量价值可以类比"小程序对传统 App 的 ...

[Table_Title] 汽车行业专题研究 行业盈利能力改善，整车利润弹性释放 2024 年 09 月 06 日 [Table_Summary] 【投资要点】 商用车整体表现平稳，客车表现优于货车。2024Q2 商用车企业实现营 收 875.57 亿元，同比-1.66%，环比+3.40%。实现归母净利润 26.20 亿元，同比-16.46%，环比+14.66%。实现毛利率 12.13%，同比-0.52pct， 环比+0.94pct。实现净利率 2.99%，同比-0.53pct，环比+0.29pct。 乘用车利润端表现突出，增速优于营收。2024Q2 乘用车企业实现营收 4732.33 亿元，同比+7.76%，环比+18.49%。实现归母净利润 185.91 亿元，同比+47.49%，环比+54.65%，优于营收增速。实现毛利率 15.28%， 同比+2.03pct，环比-0.05pct。实现净利率 3.93%，同比+1.06pct， 环比 0.92pct。汽零板块整体增收不增利。2024Q2 汽零板块实现营收 3324 亿元，同比+7.92%，环比+6.06%，实现归母净利润 191 亿元，同 比-11.3 ...

Investment Rating - The report maintains a rating of "Buy" for the company [5] Core Views - The company, Yipuli, is a leading player in the civil explosives industry, benefiting from high demand in mining, energy, and water conservancy sectors due to favorable policies and market conditions [2][3] - The company has a strong market position and is expected to achieve stable growth driven by its integrated service model and expansion into western regions and overseas markets [3][6] Summary by Sections Company Overview - Yipuli is a leading civil explosives company in China, with a focus on integrated blasting services, production, and sales of explosives [16] - The company ranks second in production value and first in industrial explosives output among civil explosive manufacturers in 2023 [16] Industry Analysis - The civil explosives industry is supported by high demand from mining (70% of demand) and infrastructure projects (approximately 10%) [2] - The industry is experiencing improved supply dynamics due to policy-driven capacity reductions and increased concentration among leading firms [2] Business Analysis - The company’s integrated blasting service accounts for 63.7% of its revenue, with a focus on mining and infrastructure projects [26] - The company has a strong order book, with new contracts signed in 2023 amounting to 31.9 billion yuan, indicating robust future revenue potential [24] Financial Forecast - Revenue is projected to grow at a CAGR of 13.0% from 2024 to 2026, with net profit expected to increase by 20.7% in 2024 [6][7] - The company’s current PE and PB ratios are at historical lows, suggesting undervaluation relative to its growth potential [3][7] Growth Drivers - Key growth drivers include ongoing investments in mining and infrastructure projects, favorable commodity prices, and the company’s strategic expansion into western China and international markets [11][24]

[Table_Title] 建筑行业专题研究 Q2业绩阶段性承压，央企韧性更优，看 好H2实物工作量及估值恢复 2024年 09 月 06 日 [Table_Summary] 【投资要点】 Q2 建筑企业新签订单同比下降 7.8%，央企订单韧性更强。我们的样 本建筑企业 2024H1 合计新签订单 8.7 万亿元，同比-1.7%，其中 2024Q2 新签订单 4.25 万亿元，同比-7.8%（2024Q1:5.0%），分所有制来看， 央企、地方国企及民企 2024Q2 分别新签订单 38105/3966/446 亿元， 同比下降 6.8%/15.5%/ 15.1%，央企的订单韧性仍然最优。分板块来 看，央企中能源建设类企业订单增速较快，而地方国企内分化明显， 江浙沪地区地方国企订单整体优于其余区域地方国企。 Q2 建筑企业收入和利润有压力，央企降幅相对较小。2024H1，建筑上 市公司实现收入 41401.7 亿元，同比-3.3%，实现归母净利润 971.2 亿元，同比-11.0%，其中 Q2 单季度，建筑上市公司实现收入 21048.7 亿元，同比-7.5%，实现归母净利润 468.6 亿元，同比-18.3 ...

Group 1: Election Trends - The overall voter turnout for the 2024 European Parliament elections increased from 50.66% in 2019 to 51.05% in 2024, with France's turnout rising from 50.12% to 51.49%[12][1] - The rise in young voter participation has been a key factor in the ascendance of right-wing parties in France[12][1] - The European People's Party (EPP) remains the largest party group with 188 seats, while the Socialists and Democrats (S&D) hold 136 seats, a decrease of 12 seats from the previous election[16][1] Group 2: Political Landscape in France - Macron's decision to dissolve the National Assembly aims to regain an absolute majority for his party, following a significant decline in support[20][1] - The first round of the National Assembly elections saw the far-right National Rally (RN) leading with 33% of the votes, while the left-wing alliance secured 28%[34][1] - The second round resulted in no party achieving a majority, leading to a "hung parliament" scenario, increasing political uncertainty in France[38][1] Group 3: Implications for Governance - The "hung parliament" situation complicates legislative processes, requiring more negotiation and compromise among parties[38][1] - The rise of the far-right has been fueled by public concerns over immigration, inflation, and economic issues, with the RN's support rising to 33% by mid-2024[48][1] - The political division and high voter turnout reflect deep societal concerns, particularly regarding the influence of the far-right on future governance[38][1]

[Table_Title] 浪潮信息（000977）2024年中报点评 算力需求高景气带动业绩高增，看好长 期成长性 2024 年 08 月 29 日 [【投资要点】 Table_Summary] 公司发布 2024 年半年报。2024 年上半年，公司实现营业总收入 420.64 亿元，同比增长 68.71%；实现归母净利润 5.97 亿元，同比增长 90.56%。 单季度看，2024Q2，公司实现营业收入 244.57 亿元，同比增长 58.49%； 实现归母净利润 2.91 亿元，同比增长 129.13%。 分产品看，公司营收增长主要系服务器销售增长所致。2024 年上半年， 公司服务器及部件实现收入 418.81 亿元，同比增长 70.02%；IT 终端 及散件实现收入 0.62 亿元，同比下滑 66.53%；其他业务实现收入 1.21 亿元，同比增长 5.82%。分地区看，公司海外业务高增。2024 年上半 年，公司国内业务实现收入 298.00 亿元，同比增长 45.97%；海外业 务实现收入 122.64 亿元，同比增长 171.54%。 在手订单充足，费用管控良好。2024 年上半年，公司已签订 ...

Investment Rating - The report assigns a rating of "Accumulate" for the company [2][3]. Core Views - The company achieved revenue growth in H1 2024 despite a decline in profit, indicating competitive advantages in a challenging industry environment [3]. - The acquisition of Holovis is expected to enhance the company's MR business, providing growth opportunities in various sectors such as tourism and gaming [3]. - The company's stock price has significantly corrected from its peak, suggesting a margin of safety for investors [3]. Summary by Relevant Sections Financial Performance - In H1 2024, the company reported revenue of 250 million yuan, a year-on-year increase of 23.69%, while net profit attributable to shareholders was 5.13 million yuan, down 85.61% [1]. - For Q2 2024, revenue reached 129 million yuan, up 34.52% year-on-year, but net profit was -13 million yuan, a decline of 156.8% [1]. - The gross margin for H1 2024 was 28.26%, showing a slight increase year-on-year [1]. Business Development - The traditional landscape lighting business showed strong order demand, while the smart energy business continued to expand, particularly in various regions including Shanghai and Chengdu [1]. - The digital entertainment segment maintained growth momentum, engaging in multiple key projects, including collaborations with NBA and immersive experiences in Beijing [1]. Cost and Profitability - Management expenses increased by 33.55% year-on-year to 37.21 million yuan due to a rise in employee numbers and stock incentive costs [1]. - Credit impairment losses surged by 3761.75% year-on-year, primarily due to increased collection pressures [1]. - If credit impairment losses had remained consistent with the previous year, net profit growth would have been approximately 20%, aligning with revenue growth [1]. Future Outlook - The company forecasts net profits of 98 million yuan, 162 million yuan, and 222 million yuan for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 20.66, 12.48, and 9.14 [3]. - Revenue projections for 2024, 2025, and 2026 are 805 million yuan, 1058 million yuan, and 1378 million yuan, reflecting growth rates of 31.88%, 31.51%, and 30.20% [3].

Investment Rating - The investment rating for the company is "Accumulate" [2][5]. Core Views - The company reported strong performance in the first half of 2024, with revenue of 93.39 billion yuan, a year-on-year increase of 16.47%, and a net profit attributable to shareholders of 2.28 billion yuan, up 210.41% year-on-year [1]. - The panel industry is expected to enter a stable profit era, driven by a strategy of "production based on sales" and a reduction in price volatility [2]. - The company is advancing its 8.6 generation AMOLED production line, with a significant increase in flexible OLED shipments and stable pricing [2]. Summary by Sections Financial Performance - In Q2 2024, the company achieved revenue of 47.50 billion yuan, a year-on-year increase of 12.54% and a quarter-on-quarter increase of 3.51%. The net profit for Q2 was 1.30 billion yuan, up 166.17% year-on-year and 32.16% quarter-on-quarter [1]. - The overall gross margin for Q2 2024 was 17.46%, an increase of 6.45 percentage points year-on-year and 2.98 percentage points quarter-on-quarter [1]. Product Segmentation - The display device business generated revenue of 78.01 billion yuan in the first half of 2024, a year-on-year increase of 14.87%, with a gross margin of 13.91%, up 7.92 percentage points [1]. - The IoT innovation business achieved revenue of 17.16 billion yuan, a year-on-year increase of approximately 10.57%, with a gross margin of 10.95%, up 2.97 percentage points [1]. - The MLED business saw revenue of 4.03 billion yuan, a year-on-year increase of 115.95% [1]. - The smart medical engineering business generated revenue of approximately 900 million yuan, a year-on-year increase of about 13.63% [1]. Market Dynamics - The global large-size LCD TV panel shipment volume increased by 1.5% year-on-year in the first half of 2024, with the company maintaining a market share of 23.8% [2]. - The demand for TV terminals was below expectations, but upcoming promotional seasons are expected to release pent-up demand [2]. - The price of LCD TV panels saw a decline in July and August, but a mild recovery is anticipated in Q4 2024 [2]. Future Projections - The company expects revenues of 217.01 billion yuan, 243.53 billion yuan, and 255.52 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 4.63 billion yuan, 7.91 billion yuan, and 8.83 billion yuan for the same years [5][6].

行 业 研 究 / 汽 车 行 业/ 证 券 研 究 报 告 [Table_Title] 汽车行业动态点评 新能源车检新规发布，检测设备与运营 端有望率先受益 2024 年 08 月 27 日 [Table_Summary] 【事项】 据全国标准信息公共服务平台数据，《新能源汽车运行安全性能检验 规程》已于 2024 年 8 月 23 日发布，将在 2025 年 3 月 1 日实施。 【评论】 《新能源汽车运行安全性能检验规程》发布，实施后有望带动检测设 备需求提升。近日，由公安部交通管理科学研究所联合多家企业共同 起草的《新能源汽车运行安全性能检测规程》相关标准项目审核完毕， 已于 8 月 23 日发布，将在 2025 年 3 月 1 日实施。该标准在新能源汽 车在原有的 GB38900 规定的通用项目安全检测基础上，增加对新能源 汽车动力电池安全、驱动电机安全、电控系统安全、电气安全等检测， 该标准的落地有望降低动力电池火灾事故风险，保护消费者生命安 全。据华经产业研究院数据，截止 2022 年底，全国机动车检验机构 的数量为 14880 家，标准实施后，检测机构需要对应配置"充电安全 检验设备"、"汽车 ...

[Table_Title] 电子设备行业专题研究 全球科技映射系列报告之二：苹果AI 序曲先奏，消费电子与供应链新篇将启 2024 年 08 月 23 日 [Table_Summary] 【投资要点】 持续创新，成就消费电子巨擘。苹果公司自 1976 年成立，经历了乔 布斯到库克时代的转变，一步步成长为全面的消费电子巨头。苹果的 收入主要来自硬件产品和软件服务，其中 iPhone 占半壁收入，服务 业务占比为四分之一，且提升了公司综合毛利率。可穿戴、Mac 和 iPad 分别占收入 9%、7%和 7%。按地域上看，美洲、欧洲和大中华区是主 要收入来源。 全方位消费电子产品矩阵和生态。iPhone 是苹果的标志性产品，开创 了智能手机的时代，iPhone 在高端智能手机市场拥有绝对的市占率， 同时每一代 iPhone 的创新都备受期待。Mac 产品既有面向普通消费者 产品又有面向专业使用者的产品，搭配强大 M 系芯片能够在 AI 应用 上发挥性能优势。iPad 开创平板市场，精准卡位手机与电脑之间的使 用场景。可穿戴设备和配件，丰富了苹果产品生态，提升了使用体验。 服务业务则成为高毛利的收入板块，由广告、App ...