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]

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]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking the first coverage of its stock [3]. Core Views - The company ranks fourth globally in photovoltaic inverter shipments and has been in the top ten for eleven consecutive years. It is a leading player in the domestic energy storage market, consistently ranking first in shipments of large-scale energy storage converters [2][5]. - The company is actively expanding its market presence in high-demand regions such as India, Saudi Arabia, and the United States, leveraging its technological and market strengths to drive growth [2][9]. Summary by Sections Company Overview - The company has established a sales company in the Middle East and built a sales service network, securing significant orders, including a partnership with Larsen & Toubro to supply 1,016 MW of inverter equipment for a solar power plant in Saudi Arabia [1]. Market Demand - The Indian market is experiencing rapid growth due to the ALMM listing system, leading to a surge in installations. In Q1 2024, India added approximately 7.5 GW of ground-mounted solar power, a fivefold increase from the previous quarter [9]. - Saudi Arabia's Vision 2030 is driving renewable energy development, with plans for 24 GWh of energy storage projects from 2024 to 2025. The company is well-positioned to benefit from these initiatives [10]. - In the U.S., decreasing solar storage costs and rising PPA prices are contributing to a steady increase in installations, with the company securing multiple large-scale project orders in the North American market [10]. Financial Projections - Revenue projections for the company are estimated at 8 billion, 9.67 billion, and 11.66 billion yuan for 2024, 2025, and 2026, respectively. Net profit attributable to the parent company is forecasted to be 520 million, 709 million, and 930 million yuan for the same years, with corresponding EPS of 1.45, 1.98, and 2.60 yuan per share [15][17].

Investment Rating - The report assigns a rating of "Accumulate" for the company [3]. Core Views - The company has shown continuous improvement in profitability, with significant growth in overseas revenue [2][4]. - The company is expected to achieve revenue of 151.6 billion, 177.6 billion, and 203.4 billion yuan for the years 2024 to 2026, with year-on-year growth rates of 21.7%, 17.1%, and 14.5% respectively [4][5]. - The net profit attributable to the parent company is projected to be 20.4 billion, 25.3 billion, and 30.5 billion yuan for the same period, with growth rates of 31.1%, 23.7%, and 20.8% respectively [4][5]. Summary by Sections Financial Performance - For the first half of 2024, the company achieved operating revenue of 6.166 billion yuan, a year-on-year increase of 16.27%, and a net profit of 0.887 billion yuan, up 26.64% year-on-year [2]. - In Q2 alone, the company reported operating revenue of 3.509 billion yuan, a year-on-year increase of 12.05%, and a net profit of 0.524 billion yuan, up 8.66% year-on-year [2]. - The gross profit margin for sales was 31.75%, an increase of 2.69 percentage points year-on-year, while the net profit margin was 4.54%, up 0.83 percentage points year-on-year [2]. Product Performance - The company’s coil products experienced rapid growth with a year-on-year increase of 50.48%, while the gross margin for switch products improved significantly to 35.22%, up 3.76 percentage points year-on-year [2]. Overseas Strategy - The company has maintained its overseas strategy, with overseas revenue reaching 1.515 billion yuan, a year-on-year increase of 40.04%, accounting for 25% of total revenue [2]. - The gross margin for overseas operations was 33.82%, an increase of 1.52 percentage points year-on-year [2]. Cost and Expenses - The report noted an increase in period expenses due to market expansion and option costs, with sales expense ratio at 4.75%, management expense ratio at 2.76%, R&D expense ratio at 7.21%, and financial expense ratio at 0.07% [2]. - The income tax expense for the period was 0.155 billion yuan, a year-on-year increase of 119.33% [2]. Inventory and Contract Liabilities - As of the end of the reporting period, inventory was 3.404 billion yuan, up 19% from the beginning of the year, and contract liabilities were 1.935 billion yuan, an increase of 30.47% [2].

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 ...