[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]

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].