Investment Rating - The report maintains an "Accumulate" rating for the company [2]. Core Views - The company is expected to achieve approximately 880 million in revenue for the first half of 2024, representing a year-on-year growth of about 87.80%. The net profit attributable to the parent company is projected to be around 128 million, with a net profit excluding non-recurring gains and losses estimated at approximately 143 million [1][6]. - The second quarter of 2024 is anticipated to see revenue of about 475 million, reflecting a quarter-on-quarter growth of approximately 17.32%, marking a new high for quarterly revenue since the company's establishment [1]. - The demand for the company's main products has improved compared to the same period last year, driven by the recovery in the consumer electronics sector, including IOT, wearable devices, smartphones, and smart home applications [1][6]. - The company has maintained a stable performance in its non-volatile memory product line and is actively expanding its market share while promoting the successful mass production of new products [1][6]. Summary by Relevant Sections Financial Performance - The company forecasts revenues of 1,127.05 million, 1,655.96 million, 2,086.45 million, and 2,588.96 million for the years 2023A, 2024E, 2025E, and 2026E respectively, with growth rates of 21.87%, 46.93%, 26.00%, and 24.08% [7]. - The net profit attributable to the parent company is expected to be -48.27 million in 2023A, followed by 267.44 million, 335.00 million, and 413.22 million in the subsequent years, with growth rates of -158.06%, 654.00%, 25.26%, and 23.35% respectively [7]. - The report projects a PE ratio of 33.38, 26.65, and 21.60 for the years 2024E, 2025E, and 2026E [7]. Market Context - The report highlights a positive industry outlook, with the global semiconductor market expected to grow from 588.36 billion to 611.23 billion, reflecting a 4% increase. The storage semiconductor market is projected to see a significant year-on-year growth of 76.8% [2][6]. - The company has established a stable customer network in China, covering major brands such as OPPO, vivo, Xiaomi, Samsung, Lenovo, Midea, HP, and Panasonic [6].

信息技术行业动态点评 微软全球大故障,重视网络安全板块 2024 年 07 月 19 日 【事项】 今天徽软发布消息称,狭下 Microsoft 365 系列服务出现访问中断, 变影响的包括但不限于 Microsoft 365 各个应用,以及微软 Xbox 等。 根据徽软官方消息,故障给于美国中部的 Azure 区域数据中心,目前 微软的策略是将流量路由到其他未受影响的区域尝试恢复。微软方面 表示,服务中断始于美国东邻时间周四下午6点左右,其邻分客户在 美国中部地区的多项 Azure 服务中遇到了问题。 【评论】 7 月 19 日,网络安全软件公司 Crowdstrike 在其支持平台发布消息称, 公司收到大量关于 Windows 屯脑出现蓝屏的报告,公司工程部已确定 该问题与"内容部署(content deployment)"有关,目前已恢复了 这些支改。 ◆ 技术选代办法,查视企业 IT 系统的稳定性、失全性。此次 CrowdStrike 的蓝屏事件突显了软件更新过程中可能出现的亲容性和稳定性问题, 特别是在企业环境中。这一事件探醒各企业在进行关键软件变新时, 应保持谨慎,确保支新的安全性和意客性。同时, ...

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 150.7 million yuan for H1 2024, representing a year-on-year increase of 30.56%. The net profit excluding non-recurring items is projected to be 126.8 million yuan, up 36.50% year-on-year [2][4]. - The growth in performance is driven by the booming rail transit industry and increased delivery of power semiconductors, benefiting from rising railway investments and passenger flow recovery [2][7]. - The company is positioned to benefit from the upward trend in the rail transit sector, maintenance cycles, and large-scale equipment updates, with significant increases in passenger traffic and fixed asset investments in railways [2][7]. Summary by Relevant Sections Financial Performance - The company anticipates a net profit of 150.7 million yuan for H1 2024, with a 30.56% year-on-year growth. The Q2 net profit is expected to be 93.9 million yuan, reflecting a 31% year-on-year increase and a 65% quarter-on-quarter increase [2][4]. - The company’s revenue for 2023 is projected at 21.799 billion yuan, with a growth rate of 20.88%. For 2024, revenue is expected to reach 25.717 billion yuan, growing at 17.97% [8]. Market Dynamics - The rail transit sector is experiencing high demand, with a total of 2.096 billion passengers transported in the first half of the year, marking an 18.4% increase year-on-year. Fixed asset investment in railways reached 337.3 billion yuan, up 10.6% year-on-year [2][7]. - The company is expanding its production capacity for low-voltage IGBTs, which are crucial for rail transit, power grids, and new energy vehicles, indicating a robust demand in these sectors [1][2]. Future Outlook - The company is expected to see a compound annual growth rate (CAGR) in net profit of 21.12% for 2024, 19.70% for 2025, and 14.47% for 2026, with corresponding earnings per share (EPS) of 2.66, 3.19, and 3.65 yuan per share [7][8]. - The integrated industrial layout in transportation and energy sectors positions the company for significant growth, transitioning from a focus on rail transit to a broader range of emerging equipment businesses [7].

Investment Rating - The report maintains a rating of "Accumulate" for the company [8]. Core Insights - The company is positioned as a leader in mass publishing, leveraging advantages in niche segments and actively embracing new technologies such as artificial intelligence to support steady growth in performance [12]. - The publishing industry has experienced a wave-like development since 2020, with a 6.20% year-on-year decline in the overall book market in the first half of 2024, although the decline has narrowed in the second quarter due to e-commerce promotions [5]. - The company has launched a digital transformation strategy, introducing a new smart publishing system and various digital platforms to enhance reader interaction and content delivery [6][7]. Summary by Sections Market Performance - The overall book market saw a 6.20% decline in the first half of 2024, with traditional channels under significant pressure, while short video e-commerce channels grew by 18.34% [5]. - The company has achieved market leadership in management, psychology, and biography categories, while also ranking second in children's and natural science categories [7]. Financial Projections - Revenue forecasts for 2024-2026 are projected at 1.837 billion, 1.936 billion, and 2.021 billion yuan respectively, with net profits expected to be 119 million, 144 million, and 171 million yuan [12]. - The company anticipates a growth rate of 6.98% in 2024, followed by 5.39% and 4.42% in the subsequent years [13]. Strategic Initiatives - The company is focusing on integrating traditional and modern publishing to create a new ecosystem, including the launch of a digital reading platform and an AI author project [6]. - Collaborations with popular IPs and the establishment of dedicated business units for various genres, including anime and manga, are part of the company's strategy to capture market share [7].

电气设备 \ 证券研 电气设备行业动态点评 沙特柔直项目公布换流阀中标结果 2024 年 07 月 18 日 � � 【评论】 (事项】 2024年7月16日,沙特中南、中西柔直换流站项目公布了 IGBT 换流阀 的中标结果。 投资建议) 风险提示】 项目建设不及预期;产品交付不及预期 沙特中南和中西柔直换流站 IGBT 换流陶交货期是 2025 年四季度。根 据 4 月份该项目的招标公告,中南送瑞阀包 3 和受端阀包 4 两个包的 IGBT 的規格要求是 4.5kV/2000A, 1500A 额定电流,包 1 和包 2 的 IGBT 的规格要求是 4.5kV/3000A,3000A 额定电流。包 3 和包 4 的首批交货 日期是 2025年10月31日,最后一批交货日期是 2025年11月3日。 包 1 和包 2 的首批交货日期是 2025 年 12 月 30 日，最后一批的交货 日期是 2025 年 12 月 31 日。 沙特中南和中西采直项目是我国柔直技术实现出口的代表性工程。沙 特中西和中南项目是沙特"2030 愿景"国家级重大项目,是目前除我 国以外全球电压等级最高、输送容量最大的混合桥拓扑柔性直流 ...

[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].