Industry Investment Rating - Stronger than the market (maintained) [4] Core Views - The Chinese electrophysiology PFA market, characterized by high growth potential and low penetration, is poised for significant expansion [2] - The FARAPULSE series of PFA products from Boston Scientific has received NMPA approval, marking a new era in atrial fibrillation treatment in China [2] - The PFA market in China is projected to grow from RMB 1.3 billion in 2025 to RMB 16.3 billion in 2032, with its share of the overall electrophysiology device market increasing from 8.18% to 38.87% over the same period [2] - Boston Scientific's FARAPULSE PFA system has treated over 70,000 patients globally, demonstrating superior safety and efficacy compared to traditional thermal ablation methods [3] - The electrophysiology division of Boston Scientific experienced a 70% global sales growth in Q1 2024, with an 85% increase in the US market, driven by the FDA approval of the FARAPULSE PFA system [3] Market and Technology Insights - The FARAPULSE PFA system is the only PFA product globally to receive approvals from the EU CE, US FDA, and China NMPA [2] - The FARAPULSE system offers a novel treatment option for drug-refractory, recurrent, and symptomatic paroxysmal atrial fibrillation, differing from traditional thermal ablation [2] - The FARAWAVE ablation catheter's unique design allows for flexible adjustment to petal and basket shapes, adapting to patient pulmonary vein morphology and reducing complications [3] - Clinical trials, including the ADVENT study, have shown that the FARAPULSE PFA system is non-inferior to traditional thermal ablation in safety and efficacy, with significantly shorter ablation times [3] - The MANIFEST-17K registry study involving over 17,000 patients reported no cases of permanent phrenic nerve palsy, pulmonary vein stenosis, or esophageal injury [3] Key Companies to Watch - Boston Scientific (BSX.N), a global leader in electrophysiology PFA technology [2] - Domestic companies with leading PFA layouts: HuiTai Medical (688617.SH) and MicroPort EP (688351.SH) [2]

公 司 研 究 / 信 息 技 术/ 证 券 研 究 报 告 [Table_ 【事项Summary 】 ] | --- | --- | |-----------------------------------------------|----------------------------------| | | | | [Table_ 基本数据 Basedata ] | | | 总市值（百万元 ) | 13525.07 | | 流通市值（百万元 ) | 13525.07 | | 52 周最高/最低（元） | 63.53/29.78 | | 52 周最高/最低（PE） | 87.15/30.26 | | 52 周最高 /最低（PB） | 4.40/2.24 | | 52 周涨幅（%） | -17.22 | | 52 周换手率（%） | 512.96 | | [Table_R 相关研究 eport] | | | 《 23 | 年业绩预告发布，物联网需求逐步回 | | 暖，公司 23Q4 | 收入环比增长 12% 》 | | | 2024.01.31 | | 《公司加强费用管控，净利润环比逐步好 | | | 转》 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [8][16]. Core Views - The company is expected to benefit from a recovery in downstream demand, with an increase in orders and an optimized product structure. Global smartphone shipments are projected to grow by 10% year-on-year in Q1 2024, reaching 296.2 million units, while global PC shipments are expected to rise by 3.2% to 57.2 million units [2]. - The company has released a half-year profit forecast for 2024, estimating a net profit attributable to shareholders of between 42 million and 58 million yuan, and a non-recurring net profit of between 32 million and 44 million yuan [6][14]. - Nickel prices have entered an upward trend, alleviating inventory pressure. As of July 9, 2024, the spot nickel price is approximately 138,000 yuan per ton, down from a peak of 158,000 yuan per ton earlier this year [7]. - The company has revised its profit forecasts upward, expecting net profits of 117 million, 189 million, and 245 million yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 45, 28, and 21 [8]. Summary by Sections Company Performance - The company is experiencing a turning point in operations, with continuous performance recovery. The net profit for Q2 2024 is projected to be between 26 million and 42 million yuan, representing a year-on-year growth of 128.55% and a quarter-on-quarter growth of 120.95% [14]. Financial Data - The company’s total market capitalization is approximately 6,037.73 million yuan. The projected revenue for 2024 is 992.13 million yuan, reflecting a growth rate of 44.02% [10][11]. - The expected EBITDA for 2024 is 189.52 million yuan, with a significant increase in net profit attributable to shareholders compared to previous years [11]. Market Trends - The report highlights that 2024 is anticipated to be a breakout year for AI smartphones and PCs, with AI smartphone penetration expected to reach 16% and AI PC penetration nearing 20% [2].

]yrtsudnI_elbaT[ [Table_Title] 顺络电子(002138)动态点评 -17.29% -10.10% -2.91% 4.29% 11.48% 18.67% 7/11 9/11 11/11 1/11 3/11 5/11 顺络电子 沪深300 24Q2营收创历史新高,AI终端以及新兴 业务领域打开广阔成长空间 2024 年 07 月 11 日 [Table_ 【事项】Summary] 近期,公司发布 2024 半年度业绩公告,预计 2024 半年度归母净利润 为 3.66-3.76 亿元,同比增长 43%-47%;预计 2024 半年度扣非归母净 利润为 3.46-3.56 亿元,同比增长 49%-53%。 【评论】 Q2 营收创新高,业绩符合预期。根据业绩预告计算,公司 2024Q2 预 计实现归母净利润 1.96-2.06 亿元,同比增长 11.70%-17.40%,环比 增长 15.09-20.97%,同环比均平稳增长。2024Q2 公司季度营收创历 史新高,首次突破 14 亿元,Q2 毛利率环比持平。公司持续拓展新型 战略市场,重视战略新产品开发扩产,多举措保障公司长期成长力。 ...

[Table_Title] 家电行业专题研究 白电内需提振,外销具备较强弹性 2024 年 07 月 10 日 [Table_Summary] 【投资要点】 地产端压力仍存,白电需求以更新换代为主。随着政策的陆续出台, 地产政策的优化有望进一步释放下游需求,带动后地产产业链家电需 求的提振。以旧换新政策有助于提振信心,利好家电需求释放。头部 家电公司投入大量资金及回收处理措施出台以旧换新政策,经测算空 调、冰箱、洗衣机、彩电更新换代需求空间较大。国内主要家电公司 都建立了完善的回收拆解体系,家电龙头均自建了回收拆解平台。回 收拆解专项资金有望提升回收便捷性,促进消费者刺激消费者淘汰老 废家电。 下沉市场城镇消费潜力释放,城乡家电市场的消费鸿沟持续缩小,下 沉市场家电消费结构同步向高端化、绿色化、智能化转变。消费者越 来越重视有助于营造健康、舒适和环保家居环境的质量更优、性能更 佳的家电产品。 家电出海乘风破浪,未来成长可期。全球尤其是新兴市场预期可支配 收入水平及城市化率上升,预计将进一步推动全球家电市场增长。短 期来看,出口景气度提升趋势确定。长期来看,家电品牌出海规模将 持续增长。根据华经产业研究院数据, ...

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[Table_Title] 电气设备行业动态点评 挖掘价值 投资成长 特高压板块为什么备受青睐? 2024 年 07 月 10 日 [Table_Summary] 【事项】 2024 年上半年,特高压相关个股走势较为独立,备受市场资金青睐。截 止 2024 年 6 月 30 日,许继电气、平高电气、中国西电和思源电气等个 股上半年涨幅分布为 58.2%,53.3%,63.1%和 29.3%。 【评论】 新能源装机规划产生的外送需求带来特高压直流工程增量预期。仅考 虑沙戈荒风光基地十四五和十五五期间总共 315GW 的外送需求,对应 需要新增直流线路数量就达到 30 条,据此推算未来几年每年特高压 直流线路需要新增4-5条,对应直流特高压核心设备每年投资额为250 亿元上下。未来每年特高压工程实际的开工数量还取决于核心设备产 能,跨省份资源协调和工程建设进度等多重因素,是否能达到以上预 期还需持续跟踪和验证。 特高压直流核心设备竞争格局稳定。国电南瑞、思源电气和中国西电 等典型个股 2018 至 2024Q1 以来毛利率整体保持平稳或增长态势,侧 面说明直流特高压核心设备领域竞争格局相对稳定。这些个股毛利率 的 ...

行 业 研 究 / 电 气 设 备/ 证 券 研 究 报 告 [Table_Title] 电气设备行业专题研究 光伏银浆:N型升级量利双升,银价上 涨增厚利润 2024 年 07 月 10 日 [Table_Summary] 【投资要点】 光伏电池核心辅材,市场向龙头集中。光伏银浆丝印、烘干、烧结等 过程形成光伏电池两端电极,实现电池导电互联机能,直接影响电池 转换效率,成本占比超过 15%,是光伏电池第一大辅材。一方面,随着 电池 N 型迭代,下游客户对银浆性能要求及需求响应速度提升,另一 方面,银浆头部厂商加速释放产能,巩固规模优势。我们预计 2023 年国产 TOP3 企业市占率超 65%,未来有望进一步提升。 需求:装机稳步增长+N 型产品迭代,银浆需求稳步上涨。1)光伏装 机:随着光伏产业链价格企稳,前期观望需求逐步释放以及联储降息 周来临,海外电站收益率进一步提升,我们预计全球光伏装机有望在 23 年高基数上保持稳步增长(23-26 年复合增速 20%)。2)银耗:N 型电池银耗总体高于 P 型,参考 CPIA 数据,2023 年 TOPCon/HJT 电池 单片银耗 109/115 mg/片,而 ...

[Table_Title] 传媒互联网行业专题研究 跨境电商东风正盛,海外仓建设方兴未 艾 2024 年 07 月 09 日 [Table_Summary] 【投资要点】 跨境电商发展正盛,仓储物流基础设施需求增长。于跨境电商平台而 言,出海四小龙 GMV 翻倍增长,头部聚集效应显现,海外仓建设急需 提上日程。主要是基于 1)出海四小龙 2024 合计 GMV 翻倍,仓储物流 必须匹配极速增长的交易量;2)低价竞争在前,但需弥补与 Amazon 的配送时效差距,改善消费者购物体验;3)800 美金豁免政策或生变 动,直邮清关成本上升,跨境电商长期存在降本压力。 于跨境电商品牌/卖家而言,自建或合作第三方海外仓也不可或缺。 主要是因为 1)Amazon FBA 再制新规,大件产品物流提价和分区入库 均使得平台物流费用明显上涨,海外仓需求外溢;2)满足品牌/卖家 多平台运营及长期独立站建设的备货需求。第三方海外仓建设理论上 匹配 FBA 多区域大仓建设,改善配送效率。 海外仓模式市场空间广阔,呈现规模化自动化趋势。据弗若斯特沙利 文的数据,预计到 2028 年,采用海外仓模式的中国 B2C 出口电商物 流解决方案 ...