[Table_Title] 汽车行业专题研究 车用新材料系列(一):原材料价格持 续改善,镁合金零部件加速应用 2024 年 07 月 18 日 [Table_Summary] 【投资要点】 在汽车轻量化大趋势下,镁合金凭借低密度、散热性强、抗震性好等 优势渗透率逐渐提升。从镁合金应用下游看,汽车行业是镁合金产品 主要应用方向,占比达到了 70%。目前汽车上有 70+零件可使用镁合 金,使用最多的有仪表盘基座、座位框架、方向盘骨架等。 我国镁资源丰富,全球占比超 8 成。据中国有色金属工业协会镁业分 会数据,2023 年全球原镁产能为 163 万吨,产量为 100 万吨,同比下 降 9.9%;2023 年全球镁消费量 105 万吨左右,同比下降 8.7%。其中 我国原镁产能 136 万吨,近几年基本稳定;原镁产量 82.24 万吨,同 比缩减 11.9%;镁合金产量 34.52 万吨,同比缩减 3.5%。从镁资源供 应看,我国原镁产能和产量在全球市场中占比均在 80%以上。 镁合金零部件当前替换性价比较高。同等刚性条件下,1kg 镁的坚固 程度等同于 1.8kg 铝效果。据星源卓镁招股书,镁的加工成本要比铝 ...

[Table_Title] 华勤技术(603296)动态点评 拟收购易路达,丰富业务布局和客户结 构 2024 年 07 月 17 日 [Table_ 【事项】Summary] 近期,公司发布签署投资意向书公告,公司拟与易路达科技国际有限 公司及其创始方签署《投资意向书》,有意以现金方式收购易路达国 际持有的易路达企业控股有限公司 80%的股份,购买价格初步确定为 港币 28.5 亿元。 【评论】 进一步拓展智能穿戴业务,丰富客户结构。本次收购的目标标的主要 从事高保真耳机、多媒体及通讯耳机、蓝牙耳机、电容麦克风、受话 器、超薄喇叭等专业电声产品的研发、生产、销售和服务等业务。目 标公司做出如下业绩承诺:2024、2025 及 2026 年累计实际实现的净 利润之和应不低于港币 7.5 亿元。2023 年,目标公司实现营业收入 45.49 亿港元,实现净利润 5.45 亿港元。在交割日后,公司将向目标 公司委派 3 名董事,且有权向目标公司委派财务总监及人力资源总监。 本次收购是公司业务拓展的重要一环,优化公司在智能穿戴、音频产 品领域的产品队列和客户结构,进一步实现多业务的协同发展。 消费电子:笔电市场份额 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [3][7]. Core Views - The company has announced a fundraising plan to raise up to 300 million yuan for the development of an 8-inch automotive-grade silicon carbide substrate project, with a total investment of approximately 386 million yuan and a construction period of 24 months [2]. - For the first half of 2024, the company expects to achieve revenue between 880 million to 980 million yuan, representing a year-on-year increase of 100.91% to 123.74%, and a net profit of 100 million to 110 million yuan, marking a turnaround from losses [2]. Summary by Sections Project Announcement - The company is focusing on the 8-inch silicon carbide substrate, which is projected to become a strategic high ground for industry development. The compound annual growth rate (CAGR) for 8-inch substrates is expected to exceed 70% from 2023 to 2028 [3]. Competitive Advantage - The company has achieved leading sales in the 8-inch silicon carbide substrate market and is one of the few globally to master the liquid-phase method for producing 8-inch crystals. It has also received automotive-grade quality management certification, establishing itself as a supplier to major semiconductor companies like Infineon and Bosch [3]. Financial Performance - The company has reported continuous revenue growth for eight consecutive quarters, with a net profit that has turned positive for four consecutive quarters. In Q2 2024, revenue is expected to be between 454 million to 554 million yuan, with a quarter-on-quarter increase of 6.54% to 30.01% [3]. - The company forecasts significant revenue growth for 2024 to 2026, with projected revenues of 2.134 billion, 3.032 billion, and 4.143 billion yuan respectively, and net profits of 173 million, 230 million, and 422 million yuan [7][8].

Investment Rating - The report maintains a rating of "Add" for the company [6]. Core Viewpoints - The company is expected to achieve significant revenue growth in the first half of 2024, with projected revenue between 2.616 billion to 2.718 billion, representing a year-on-year increase of 28% to 33% [3]. - The net profit attributable to shareholders is forecasted to be between 1.338 billion to 1.390 billion, reflecting a growth of 30% to 35% year-on-year [3]. - The company continues to enhance its enterprise communication solutions and expand sales channels, solidifying its long-term competitive advantage [3]. - The company has established strategic partnerships with major players like Microsoft, Tencent, and Zoom, enhancing its product offerings in the unified communication space [7]. Summary by Sections Financial Performance - The company anticipates a revenue of 4.348 billion for 2023, with a projected growth rate of 24.38% for 2024, reaching 5.408 billion [8]. - The net profit for 2024 is expected to be 2.433 billion, with a growth rate of 21.07% [8]. - The earnings per share (EPS) for 2024 is projected at 1.93, with a price-to-earnings (P/E) ratio of 19.80 [8]. Market Position - The company is recognized as a global leader in communication and collaboration solutions, serving clients in over 140 countries [7]. - It holds the number one market share for SIP phones globally from 2017 to 2021 [7]. - The company has a strong patent portfolio and has achieved global leadership in several key technologies [7]. Product Development - The company has launched various innovative products, including the MeetingEye 500 Pro, which supports 4K video conferencing and advanced AI features [2]. - It has developed integrated solutions for smart cities and transportation sectors, enhancing its product applicability [2].

Investment Rating - The report upgrades the investment rating to "Buy" [2][10]. Core Insights - The company has a stable profit contribution from its traditional business, particularly in cylinder sleeves, which ranks among the industry's top in production and sales. The global market for automotive cylinder sleeves is expected to grow at a CAGR of 6.87% from 2024 to 2029, driven by the continued reliance on internal combustion engines in commercial vehicles and machinery [1][73]. - The company has completed its industrial layout in the hydrogen fuel cell system sector and is entering the commercialization phase, with a production capacity of 2,000 fuel cell engines per year. The first batch of 50 units has been produced and delivered, indicating potential for further growth in this area [7][14]. Summary by Sections Business Overview - The company is a leading global supplier of cylinder sleeves, with a strong market presence and a diverse customer base, including major international and domestic automotive manufacturers [56][62]. - The traditional internal combustion engine components, particularly cylinder sleeves, remain the core revenue source, accounting for 62% of total revenue in 2023 [67][68]. Financial Performance - In 2023, the company achieved total revenue of 2.864 billion yuan, a year-on-year increase of 24.45%, and a net profit attributable to shareholders of 311 million yuan, up 85.85% [39][41]. - The company forecasts revenue growth for 2024-2026, with expected revenues of 3.419 billion yuan, 3.845 billion yuan, and 4.194 billion yuan, representing year-on-year growth rates of 19.37%, 12.47%, and 9.08% respectively [10][39]. Market Trends - The report highlights the increasing penetration of steel pistons in diesel engines due to stricter emission standards, which presents further growth opportunities for the company [27][79]. - The hydrogen fuel cell business is anticipated to become a significant growth driver, with projected revenue growth rates of 200%, 67%, and 40% from 2024 to 2026 [14][28]. Innovation and R&D - The company has a strong R&D capability, having developed various advanced technologies for low-carbon fuel engines, positioning itself as a leader in the industry [38][56]. - The company is actively expanding into new business areas, including automotive electronics and brake systems, while maintaining its competitive edge in traditional internal combustion engine components [56][21].

[Table_Title] 汽车行业动态点评 新国标提升动力电池安全要求, 新能源汽车检验新规推出在即 2024 年 07 月 15 日 [Table_Summary] 【事项】 近日,公安部发布 2024 年上半年全国机动车保有量数据,截至 24 年 6 月底全国新能源汽车保有量达 2472 万辆,其中,纯电动汽车保有量 1813.4 万辆,上半年新注册登记新能源汽车 439.7 万辆。 近日,中汽协发布数据,截至今年 6 月底,国产新能源汽车累计产销 量超过 3000 万辆。上半年,新能源汽车产销分别完成 492.9 万辆和 494.4 万辆,同比分别增长 30.1% 和 32%,市场占有率达到 35.2%。 【评论】 24 上半年新能源汽车新注册量创历史新高。据公安部统计,截至 2024 年 6 月底,全国机动车保有量达 4.4 亿辆。其中汽车保有量 3.45 亿, 全国已有 96 个城市汽车保有量超过 100 万辆,同比增加 8 个城市。 上海、苏州、郑州汽车保有量超过 500 万辆,成都、北京、重庆汽车 保有量超过 600 万辆。新能源汽车保有量达 2472 万辆,占汽车总量 的 7.18%。纯电动 ...

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。 ...