T[ 公 司 研 究/ 基 础 化 工/ 证 券 研 究 报 告 挖掘价值 投资成长 《建筑行业专题研究：大风起兮、云起龙 骧——大国重器系列报告之水电 （2024-06-27）》 挖掘价值 投资成长 全国民爆龙头，受益西部大开发和矿山 水电水运等景气方向 2024 年 09 月 06 日 [Table_Title] 易普力（002096）深度研究 [Table_ 【投资要点】 Summary] 易普力：水利项目起家的民爆龙头，规模技术领先。 公司系中国能建葛洲坝旗下优质民爆资产，2023 年与南岭民爆重 组后上市，拥有营业性爆破作业单位、矿山工程施工总承包'双一级' 资质，一体化覆盖生产、销售、服务。2023 年生产总值、工业炸药年 产量分别位列民爆生产企业的第 2 名、第 1 名。 民爆行业：矿山、能源、水利等高景气方向支撑需求，供给格局持续改 善 需求端：民爆下游需求约 70%为矿山开采，基建（水利水电、公路铁 路等）占比接近 10%，我们认为上述下游有望在未来 3-5 年保持高景气。 1）矿山开采：煤炭、铜等金属矿处于价格高位，推升矿企资本开支意愿。 尤其西部省份矿山开采需求有望进一步受益西部大开发政 ...

[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 ...

Investment Rating - The investment rating for the company is "Buy" [3]. Core Insights - The company has shown continuous revenue growth with a narrowing loss, achieving revenue of 8.11 billion yuan in Q2 2024, a year-on-year increase of 60.2% and a quarter-on-quarter increase of 23.9% [2][5]. - The gross margin is expected to improve due to deepening cooperation with Volkswagen, with Q2 2024 gross margin at 14.0%, up 17.9% year-on-year [2][5]. - The company is entering a strong product cycle with new models launching, including MONA M03 and P7+, and plans to expand its overseas sales network to over 20 countries [2][5]. Summary by Sections Revenue and Loss - In Q2 2024, the company reported a revenue of 8.11 billion yuan, with automotive sales revenue at 6.82 billion yuan, reflecting a year-on-year growth of 54.1% [2][5]. - The net loss for Q2 2024 was 1.28 billion yuan, a significant reduction from 2.8 billion yuan in Q2 2023 and 1.37 billion yuan in Q1 2024 [2][5]. Gross Margin and Cost Management - The gross margin for Q2 2024 was 14.0%, with automotive gross margin at 6.4%, benefiting from cost reductions and improved product mix [2][5]. - The company signed a strategic cooperation agreement with Volkswagen in July 2024, which is expected to enhance technology service revenue and improve gross margins further [2][5]. Product Development and Market Expansion - The company is set to launch several new models over the next three years, starting with MONA M03 in August and P7+ in Q4 2024 [2][5]. - Overseas sales contributed over 10% of total sales for the first time, with plans to expand sales networks significantly [2][5]. Financial Projections - Revenue projections for 2024-2026 are 50.23 billion yuan, 73.70 billion yuan, and 99.43 billion yuan, respectively, with expected net losses narrowing over the same period [5][6].

Investment Rating - The investment rating for the company is "Accumulate" [2] Core Views - The company reported a revenue of 1.13 billion yuan in 2023, representing a year-on-year increase of 22.17%, and a net profit attributable to shareholders of 143 million yuan, up 72.41% year-on-year [1] - The growth momentum is expected to continue in the second half of 2024, driven by the expansion of new product categories and channels [2] - The company is actively adjusting its personnel and structure to improve online sales performance, which faced slight pressure due to high base effects from the previous year [1] Summary by Sections Financial Performance - In Q2 2023, the company achieved a revenue of 590 million yuan, a year-on-year increase of 20.90%, and a net profit of 70 million yuan, up 58.74% year-on-year [1] - The gross margin for the first half of 2024 was 30.40%, an increase of 4.14 percentage points year-on-year, while the net margin was 12.69%, up 3.70 percentage points year-on-year [1][3] Product and Channel Growth - Revenue from different product categories showed significant growth: fish products increased by 16.64%, poultry products by 51.10%, plant-based products by 9.53%, and vegetable products by 15.61% [1] - Offline revenue grew by 29.45% to 931 million yuan, while online revenue decreased by 3.28% to 199 million yuan, attributed to a high base from the previous year [1] Future Projections - The company is projected to achieve revenues of 2.69 billion yuan, 3.39 billion yuan, and 4.14 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 276 million yuan, 364 million yuan, and 473 million yuan for the same years [2][3] - The expected EPS for 2024, 2025, and 2026 is 0.61 yuan, 0.81 yuan, and 1.05 yuan respectively, with corresponding P/E ratios of 17.25, 13.07, and 10.05 [2][3]