Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company's revenue in H1 2024 reached 452 million yuan, a year-on-year increase of 36.12%, with Q2 revenue at 258 million yuan, up 51.72% year-on-year [1] - Net profit attributable to the parent company in H1 2024 was 49 million yuan, a year-on-year increase of 9.5%, with Q2 net profit at 31 million yuan, up 163.18% year-on-year [1] - The company's gross margin in H1 2024 was 27.56%, showing a marginal improvement compared to Q1 despite a year-on-year decline of 2.53% [1] - The company's communication business has rebounded, driven by strong demand for high-speed communication connectors and components, with new products like QSFP-DD/OSFP 112G series entering mass production [1] - The automotive business is undergoing adjustments, with the company focusing on electric control series connectors and high-voltage connectors, while phasing out some loss-making copper bar products [1] Business Performance - The company's communication business has seen increased demand due to the rapid development of AI, leading to higher orders for high-speed communication connectors and components [1] - The company's automotive business is deepening cooperation with key clients such as BYD, Changan Automobile, and FAW, focusing on integrated control system connectors and high-voltage connectors [1] - The company's R&D expenses in H1 2024 accounted for 8.84% of revenue, with a year-on-year increase of 14.84%, reflecting ongoing investment in new product development [3] Industry Insights - The global connector market size in 2022 was 84.1 billion USD, with the communication sector being the largest segment [4] - The AI-driven demand for data centers and servers is expected to drive growth in the communication connector market, particularly for high-speed copper cables and I/O connector cages [4] - The company is well-positioned to benefit from the increasing demand for high-speed connectors in data centers, particularly with the introduction of NVL72 cabinets by NVIDIA, which require high-speed copper interconnects [4] Financial Projections - The company's revenue is projected to grow to 911.55 million yuan in 2024, 1.11 billion yuan in 2025, and 1.35 billion yuan in 2026 [6] - Net profit attributable to the parent company is expected to reach 99.25 million yuan in 2024, 121.85 million yuan in 2025, and 152.34 million yuan in 2026 [6] - The company's EPS is forecasted to be 0.72 yuan in 2024, 0.88 yuan in 2025, and 1.10 yuan in 2026 [6] Strategic Focus - The company is focusing on the development of high-speed communication connectors, including 224G I/O connector cages with liquid cooling designs, to meet the increasing demands of AI and data center applications [3] - In the automotive sector, the company is developing integrated controller connectors and new projects such as AC/DC integrated charging sockets [3] - The company is expanding its production capacity, with new facilities in Malaysia and ongoing construction in Changsha, to meet growing customer demand [2]

T[ [Table_Title] 上能电气（300827）动态点评 上能电气 沪深300 海外市场高增，大型光储龙头受益 2024 年 08 月 22 日 [Table_ 【事项】Summary] 事件：上能电气已在中东设立销售公司并建立销售服务网络，取得重 要订单。2024 年 7 月，上能电气成功与 Larsen & Toubro 合作，为沙 特阿拉伯的 Al Kahfah 太阳能发电场提供了 1016MW 的逆变器设备。 【评论】 上能电气：全球光伏逆变器出货量第四，已连续 11 年入选榜单前十。 国内大储龙头，储能变流器出货量居前。根据 EESA 储能领跑者联盟 统计"中国企业国内储能第三方大功率 PCS215kW 以上出货量排名"， 公司 2021 年、2022 年、2023 年均为全国第一。上能电气自成立以 来，一直专注于电力电子产品的研发、制造与销售，以"技术+市场" 双引擎驱动，构建高效领先的产品矩阵和解决方案。 印度、沙特和美国等市场光储需求高增，公司积极拓展渠道。公司渠 道和市场开拓积极，在中国、印度市场保持增长的基础上，重点开拓 中东、北美、欧洲、东南亚、巴西等市场光储业务。在光储成本不 ...

[Table_Title] 思源电气（002028）2024年中报点评 盈利能力持续提升，海外增速亮眼 2024 年 08 月 21 日 [【投资要点】 Table_Summary] 公司发布 2024 年半年报，报告期内，实现营业收入 61.66 亿元，同 比+16.27%；实现归属于母公司净利润 8.87 亿元，同比 26.64%；销售 毛利率 31.75%，同比+2.69pcts；销售净利率为 4.54%，同比+0.83pcts。 单 Q2 来看，实现营业收入 35.09 亿元，同比+12.05%，环比+32.03%； 实现归属于母公司净利润 5.24 亿元，同比+8.66%，环比+44.21%；销 售毛利率 32.54%，环比+1.84pcts；销售净利率 15.25%，环比 +1.65pcts。 线圈类产品业绩增速较快，开关类产品毛利率显著提升。分产品来看， 公司开关类产品/线圈类产品/无功补偿类产品/智能设备类产品/工 程总承包分别实现营收 28.86/16.74/6.97/4.70/3.72 亿元，其中， 线圈类产品增长较快，同比增速+50.48%，开关类产品毛利率为 35.22%，同比上年同期 ...

Investment Rating - The report assigns a rating of "Accumulate" for the company [2]. Core Views - The company is a leading player in the cybersecurity industry, showing promising growth in new business areas and positive results in industry market bidding [3]. - The company reported a revenue of 873 million yuan for the first half of 2024, a year-on-year decline of 13.07%, with a net profit attributable to shareholders of -206 million yuan, narrowing the loss by 2.98% [1][3]. - The gross margin improved to 63.30%, an increase of 7.86 percentage points year-on-year, indicating a significant enhancement in revenue quality [1]. Summary by Sections Financial Performance - In H1 2024, the company achieved an operating income of 873 million yuan, down 13.07% year-on-year, and a net profit attributable to shareholders of -206 million yuan, with losses narrowing by 2.98% [1]. - The operating cash flow was -250 million yuan, reflecting ongoing financial challenges [1]. - The total expenses decreased by 2.63% year-on-year, with sales, management, R&D, and financial expenses reported as 459 million, 98 million, 354 million, and -3 million yuan respectively [1]. Cost Control and Efficiency - The company has effectively implemented cost-cutting measures, resulting in a 10.45% reduction in total employees from 6,153 at the end of 2023 to 5,510 by June 2024 [1]. - R&D expenses decreased by 5.80% year-on-year, indicating better control over costs as the company completed its initial investments in new directions and technologies [1]. Business Growth and Market Outlook - The cloud products and services segment showed good growth, with revenues of 132 million yuan, accounting for 15.13% of total revenue, and a year-on-year increase of 20.19% [1]. - The company secured contracts in various sectors, including public health and emergency services, with significant wins in 27 provinces for public health and 11 for emergency services [1]. - The report anticipates that as the macroeconomic environment improves, the company is likely to return to a growth trajectory, leveraging its position as a leader in the cybersecurity industry [1][3]. Future Projections - Revenue projections for 2024-2026 are estimated at 3.265 billion, 3.878 billion, and 4.451 billion yuan, with year-on-year growth rates of 4.51%, 18.75%, and 14.78% respectively [3][4]. - The net profit attributable to shareholders is expected to reach 279 million, 358 million, and 423 million yuan for the same period, with corresponding growth rates of 175.11%, 28.38%, and 18.05% [3][4].

Investment Rating - The report maintains an "Accumulate" rating for the company [2][6]. Core Views - The company experienced a slight decline in net profit in Q2 2024 compared to Q1 2024, with a significant year-on-year decrease in both revenue and net profit for H1 2024. However, the company has shown resilience in its lithium salt profit margins despite a weak market backdrop [2][3]. - The company is actively reducing costs at its Bikita lithium mine and has initiated a new growth point through the acquisition and development of the Kitumba copper mine, which is expected to contribute to long-term profitability [3][6]. Financial Performance Summary - For H1 2024, the company reported revenue of 2.422 billion yuan, a year-on-year decrease of 32.8%, and a net profit attributable to shareholders of 473 million yuan, down 68.5%. The adjusted net profit was 445 million yuan, reflecting a 70.2% decline [2]. - In Q2 2024, the company achieved revenue of 1.296 billion yuan, a year-on-year decrease of 15.3% but a quarter-on-quarter increase of 15.0%. The net profit attributable to shareholders was 217 million yuan, down 46.7% year-on-year and 15.4% quarter-on-quarter [2]. - The gross margin for H1 2024 was 41.6%, with a net profit margin of 18.4%. In Q2 2024, the gross margin improved to 44.7%, while the net profit margin was 17.1% [2]. Business Segment Performance - The lithium salt business generated revenue of 1.59 billion yuan in H1 2024, a year-on-year decline of 41.0%. However, the sales volume from self-owned lithium mines increased significantly by 127.3% to 16,798.7 tons. The gross margin for the lithium salt business was 35.6%, down 30.2 percentage points year-on-year [2][3]. - The cesium and rubidium business reported revenue of 470 million yuan, a year-on-year decrease of 11.8%, but the gross margin improved to 72.4%, up 6.1 percentage points year-on-year [2][3]. Strategic Developments - The company has implemented cost-reduction measures at the Bikita mine, including the integration of solar power, which has significantly lowered electricity costs. The Kitumba copper mine acquisition, with a resource estimate of 27.9 million tons of copper ore, is expected to provide a new profit growth point for the company [3][6].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market index [4]. Core Insights - The company achieved significant revenue growth in the first half of 2024, with a revenue of 739 million yuan, representing a year-over-year increase of 55.16%. The net profit attributable to the parent company was 97 million yuan, up 46.88% year-over-year [2]. - The company is expanding its product categories and models, which is expected to continue driving performance growth. The gross margin for small air compressors has significantly improved, indicating strong growth momentum [2]. - The company has a strong overseas sales channel, with over 99% of its revenue coming from exports, primarily to North America. There are plans to expand into Europe, South America, Australia, and Japan, which presents substantial growth potential [2]. - The company announced a cash dividend plan for the first half of 2024, proposing a payout of 0.5 yuan per share, which represents 93.11% of its net profit, reflecting strong shareholder confidence [2]. - The nursing robot business is accelerating, with expectations for significant growth in 2024, supported by a favorable market outlook for healthcare robots [2]. Summary by Sections Financial Performance - In H1 2024, the company reported revenues of 739 million yuan, with a breakdown of 380 million yuan from wet and dry vacuum cleaners, 250 million yuan from small air compressors, and 110 million yuan from accessories and others, showing year-over-year growth rates of 39%, 72%, and 94% respectively [2]. - The gross margin for H1 2024 was 36.09%, an increase of 4.2 percentage points, while the net profit margin was 13.14%, a decrease of 0.74 percentage points [2]. Future Projections - The company is projected to achieve revenues of 1.561 billion yuan, 1.914 billion yuan, and 2.258 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding net profits of 227 million yuan, 290 million yuan, and 348 million yuan [3]. - The earnings per share (EPS) are expected to be 1.25 yuan, 1.59 yuan, and 1.90 yuan for the same years, with price-to-earnings (P/E) ratios of 14.77, 11.57, and 9.65 respectively [3].

[Table_Title] 汽车行业专题研究 汽车智能底盘系列（二）：乘高阶智驾 东风，线控转向有望加速渗透 2024 年 08 月 19 日 [Table_Summary] 【投资要点】 政策松绑，2030 年全球 SBW 线控转向市场规模有望超千亿元。2022 年初，汽车转向新国标删除了执行 20 年的不得装用全动力转向机构 的要求(线控转向即为全动力转向)，线控转向有望在智能化趋势下逐 步取代传统转向系统。据电动汽车联盟发布的《智能电动底盘技术路 线图》目标：2025 年线控转向渗透率达到 5%，2030 年渗透率达到 30%。 我们预计 2025 年全球线控转向市场规模为 186 亿元，2030 年为 1004 亿元，期间 GAGR 为 40.2%；2025 年中国线控转向市场规模为 63 亿元， 2030 年为 376 亿元，期间 GAGR 为 42.8%。 冗余 EPS 为短期过渡方案，中长期 SBW 大势所趋。面对安全性、技术 复杂性、成本、法规等诸多方面的压力，SBW 线控转向当前渗透率较 低。要满足高级别智驾场景，冗余 EPS 作为线控转向系统的过渡方案， 有望快速渗透。但从中长期来看，SB ...

公 司 研 究 / 传 媒 互 联 网/ 证 券 研 究 报 告 [Table_ 【投资要点 Summary]】 公司发布 2024 年二季度财报。 -21.31% -13.01% -4.72% 3.58% 11.88% 20.18% 8/15 10/15 12/15 2/15 4/15 6/15 腾讯控股 [Table_ 东方财富证券研究所 Author] 证券分析师：高博文 恒生指数 毛利率显著提升，费用略有提升。2024 年二季度，公司毛利率为 53.31%， 同比增长 5.83pct，主要系游戏、视频号佣金等高毛利收入增长所致；其 中，报告期内公司增值服务/网络广告/金融科技及企业服务（含其他）毛 利率分别同比增长 3.09pct/6.70pct/9.25pct。费用方面，报告期内，公 司销售及市场推广费用率 5.68%，同比增长 0.11pct；一般及行政费用率 17.06%，同比增长 0.03pct。 【投资建议】 公司主营业务优势稳固，后续新老游戏流水持续贡献收入增量，视频号小 程序生态商业化提升，AI 赋能业务新增长，业绩有望稳健提升。结合当前 公司经营情况，我们调整公司盈利预测，预计公司 2 ...

[Table_Title] 金盘科技（688676）2024年中报点评 外销订单高速增长，持续支撑业绩 2024 年 08 月 14 日 [【投资要点】 Table_Summary] 近日，公司发布 2024 年半年报。报告期内，实现营业收入 29.16 亿 元，同比+0.79%，实现归母净利润 2.22 亿元，同比+16.43%；单 Q2 来看，实现营业收入 16.11 亿元，同比+0.94%，环比+23.50%，实现 归母净利润 1.28 亿元，同比+23.02%，环比 35.06%。 费用率方面，报告期内，销售费用率/管理费用率/研发费用率/财务 费 用 率 分别为 4.27%/5.30%/4.94%/0.81% ， 同 比 变 动 分 别 为 +0.98pcts/+0.84pcts/+0.08pcts/+0.83pcts。销售费用提升主要为 扩展海外市场，新增海外销售力量和销售业务费用；财务费用提升主 要为本期汇兑收益减少所致。 外销韧性十足，订单充裕，支撑成长。上半年，公司实现外销收入 7.91 亿元，同比+48.53%，内销收入 21.1 亿元，同比-10.02%，国内收入 同比下滑主要原因为国内 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking the first coverage [3]. Core Insights - The company's revenue and profit showed significant improvement in Q2 2024, with a Q2 revenue of 1.15 billion yuan, a year-on-year decline of 19.4% but a quarter-on-quarter increase of 86.8% [2]. - The company achieved a net profit of 770 million yuan in Q2 2024, down 30.6% year-on-year but up 45.1% quarter-on-quarter [2]. - The report highlights the recovery in potassium chloride sales and substantial growth in investment income from the copper mining sector [2][3]. Financial Performance Summary - For H1 2024, the company reported total revenue of 1.762 billion yuan, a year-on-year decrease of 37.0%, and a net profit of 1.297 billion yuan, down 36.0% year-on-year [2]. - The average price of potassium chloride was 2,265.4 yuan/ton, reflecting a 26.5% year-on-year decline, while sales volume for potassium chloride reached 540,000 tons, down 8.4% year-on-year [2]. - The company’s investment income from Jilong Copper Industry reached 860 million yuan in H1 2024, marking a 46.1% year-on-year increase [2]. Project Development Summary - The Mali Mico Salt Lake project is progressing with the completion of site selection and preliminary land leveling [3]. - The Laos project has received government approval for its exploration report, estimating a total potassium salt resource of 6.285 billion tons, including 970 million tons of potassium chloride [3]. - The company is advancing the acquisition of a 34% stake in Tibet Zangqing Fund, with the second payment completed as per the agreement [3]. Earnings Forecast - Projected revenues for 2024, 2025, and 2026 are 3.47 billion yuan, 3.69 billion yuan, and 4.34 billion yuan, respectively [6]. - Expected net profits for the same years are 2.59 billion yuan, 2.87 billion yuan, and 3.99 billion yuan, with corresponding EPS of 1.64 yuan, 1.82 yuan, and 2.52 yuan [6].