Investment Rating - The industry investment rating is maintained at "Overweight" [1] Core Insights - The report highlights significant developments in the intelligent driving sector, including partnerships and technological advancements that are expected to enhance market penetration and growth [1] - The report emphasizes the expected increase in the penetration rate of intelligent driving technologies due to the maturation of various software and hardware platforms [1] Summary by Relevant Sections Recent Developments - Four-dimensional Map will supply intelligent front-view control modules based on Horizon chips for certain models of Great Wall Motors starting in Q4 2024 [1] - Horizon's intelligent driving solutions have surpassed 6 million units shipped, with over 270 models equipped and more than 130 models in mass production [1] - Tesla plans to launch its Full Self-Driving (FSD) system in China and Europe in Q1 2025, pending regulatory approval [1] - XPeng has developed a chip specifically for large AI models, named XPeng Turing, aimed at supporting L4 autonomous driving technology [1] Investment Recommendations - The report suggests that the advancements in intelligent driving technologies and partnerships will benefit companies in the related supply chain, including Four-dimensional Map, Desay SV, and Jingwei Hirain [1]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook based on the recovery in the 3C industry and the company's competitive advantages in the electronic device anti-theft display sector [1][41]. Core Insights - The company has maintained rapid growth in its performance, with a revenue increase of 27.98% year-on-year in H1 2024, reaching 0.64 billion yuan, and a net profit growth of 40.26% to 0.25 billion yuan [2][19]. - The company is a leading player in the anti-theft display device sector, establishing partnerships with well-known brands like Huawei, Xiaomi, and OPPO, and expanding its market presence globally [2][15]. - The 3C industry is experiencing a resurgence, with global smartphone shipments expected to grow by 5.8% in 2024, which will positively impact the demand for the company's products [2][30]. Summary by Sections Company Overview - The company specializes in the research, production, and sales of electronic device anti-theft display products, serving a diverse customer base across over 70 countries [9][15]. - It has a production base of over 23,000 square meters and has received multiple quality certifications, including ISO 9001 and ISO 14001 [9][35]. Financial Performance - In H1 2024, the company achieved a revenue of 0.64 billion yuan, with a significant increase in net profit and non-recurring net profit [2][19]. - The company forecasts revenues of 1.55 billion yuan, 2.17 billion yuan, and 2.77 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 0.62 billion yuan, 0.88 billion yuan, and 1.12 billion yuan [41][40]. Market Opportunities - The global economy is recovering, leading to a new growth cycle in the 3C industry, with significant increases in smartphone and tablet shipments expected [2][30]. - The demand for anti-theft display products is anticipated to rise due to the increasing variety of electronic consumer products and the trend towards diversified display formats [27][28]. Competitive Advantages - The company has established stable partnerships with major brands and is recognized for its high-quality products and competitive pricing [2][15]. - Continuous investment in research and development has led to the acquisition of numerous patents, enhancing the company's technological capabilities and market competitiveness [38][35].

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证券研究报告·行业点评报告 2024年9月20日 江海证券研究发展部 医药生物行业报告 聚焦慢性心力衰竭药物临床试验，驱动 分析师：吴春红 医药行业创新与发展 事件： 行业评级：增持（维持） 数据来源：同花顺 iFinD，截至 2024 年 9 月 20 日数据 ◆随着全球人口老龄化趋势的加剧，慢性心力衰竭（CHF）的患病率逐年上升， 成为影响公共健康的重大问题。9 月 18 日，国家药监局药审中心关于发布《治 疗慢性心力衰竭药物临床试验技术指导原则》，该文件为治疗慢性心力衰竭药 物的临床试验提供了详细的技术指导，对医药行业的相关企业具有重要的指导 意义。 ◆市场概况：慢性心力衰竭是一种复杂的临床综合征，其治疗药物市场规模庞大 且持续增长。根据文件内容，我国 35 岁及以上人群心力衰竭的患病率已达到 1.38%，且随着年龄增长，患病率显著上升。这表明，针对慢性心力衰竭的药物 研发具有广阔的市场前景。 ◆研发动态：文件中提及的多种治疗慢性心力衰竭的药物，如血管紧张素转化酶 抑制剂、β受体阻滞剂等，已在临床中广泛应用。然而，随着科学研究的深入， 新型药物和治疗方法不断涌现，如钠-葡萄糖协同转运蛋白 2 抑制剂、可 ...

分析师：张诗瑶 执业证书编号：S1410524040001 分析师：王金帅 执业证书编号：S1410123090009 | --- | --- | |-------------------------|------------------------| | 投资评级 : | 买入（维持） | | 当前价格 : | 36.19 元 | | 目标价格： | 42.80 元 | | 目标期限： | 6 个月 | | 市场数据 | | | 总股本 (百万股) | 220.73 | | A 股股本(百万股 ) | 220.73 | | B/H 股股本 (百万股) | —— | | A 股流通比例 (%) | 49.89 | | 12 个月最高/最低(元 ) | 65.06/30.26 | | 第一大股东 | 王军 | | 第一大股东持股比 例 (%) | 33.58 | | 上证综指/沪深 300 | 2736.02/3196.04 | | 数据来源：iFind 注： | 2024 年 9 月 19 日数据 | | 近十二个月股价表现 | | | --- | --- | --- | --- | |----------- ...

Investment Rating - The report maintains an "Overweight" rating for the photovoltaic equipment industry [2] Core Insights - The photovoltaic power generation system is a core area of the renewable energy sector, consisting mainly of photovoltaic modules, inverters, and distribution equipment. Inverters are crucial for converting direct current generated by solar panels into alternating current for grid and user consumption [1][6] - The global energy transition is accelerating, with photovoltaic power generation continuing to grow as a key driver of renewable energy development. In 2023, global photovoltaic installations reached a record high of 390 GW, and it is expected to reach a cumulative installed capacity of 1,721 GW by 2030 [1][14] - The demand for energy storage technology is increasing due to the intermittent nature of photovoltaic power generation, making storage inverters essential for optimizing energy management [1][17] - China dominates the global photovoltaic market, accounting for 40% of the global market share, with a significant increase in solar photovoltaic capacity in 2023, reaching 253 GW, a year-on-year growth of 167% [1][15] - The report recommends focusing on leading domestic companies in the photovoltaic inverter sector, such as Sungrow Power Supply, GoodWe, and DEYE [1][2] Summary by Sections Inverter Overview - Photovoltaic inverters are the core components driving renewable energy systems, responsible for converting direct current to alternating current [6] - Inverters are categorized into centralized, string, and micro inverters, each suited for different applications [7][10] From Photovoltaics to Energy Storage - The photovoltaic industry has a broad outlook, with significant growth expected in energy storage demand, which will drive inverter demand [14][17] - The new energy storage market saw substantial growth in 2023, with an expected increase in global and Chinese installations by 2025 [1][17] Global Photovoltaic Market Expansion - The European market is recovering from high inventory levels, while India is experiencing explosive growth in solar installations [19][20] - Pakistan's photovoltaic market is expanding due to rising electricity prices and significant solar potential [22][23] - Brazil's photovoltaic demand is driven by rising electricity prices and favorable economic conditions [26] - South Africa's photovoltaic market is being propelled by power shortages and regulatory reforms [27] Domestic Inverter Companies' Competitive Edge - China leads the global photovoltaic market with rapid capacity growth, particularly in centralized and string inverters [1][15] - Leading domestic companies hold significant market shares and competitive advantages in cost and supply chain [1][2]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [2][55]. Core Insights - The company, JinHao Medical, has established itself as a leading domestic hearing aid manufacturer since its inception in 2011, achieving significant milestones including multiple high-tech honors and successful listings on the Beijing Stock Exchange in 2021 [2][8]. - Despite facing short-term performance pressures, the company is expected to see results from its self-branded products and channel development in the second half of 2024 [2][29]. - The company has a clear and stable shareholding structure, with the actual controller holding over 60% of the shares, which enhances management stability and investor confidence [2][15]. - JinHao Medical's core business is hearing aids, accounting for over 80% of its revenue, with strong international sales and partnerships with major global retailers [2][17]. - The global hearing aid market is projected to reach USD 8.33 billion by 2025, with a compound annual growth rate (CAGR) of 5.18%, driven by increasing demand due to aging populations [2][45]. - The company aims to strengthen its position in the ODM and self-branded hearing aid markets, focusing on research and development to enhance competitiveness [2][29]. Summary by Sections Company Overview - JinHao Medical focuses on the research, production, and sales of hearing aids, with a significant portion of its revenue derived from this segment [2][17]. - The company has developed its own chip technology, which is expected to reduce costs and improve product competitiveness [2][9]. Industry Overview - The hearing aid industry is experiencing steady growth, driven by an aging population and increasing awareness of hearing health [2][40]. - The domestic market for hearing aids is still developing, with significant potential for growth as local companies like JinHao Medical expand their market share [2][46]. Financial Forecast and Valuation - The company is projected to generate revenues of CNY 141.46 million, CNY 159.88 million, and CNY 181.42 million for the years 2024, 2025, and 2026, respectively, with expected growth rates of -19.11%, 13.02%, and 13.47% [2][51]. - The forecasted net profit for the same period is CNY 2.24 million, CNY 15.52 million, and CNY 17.09 million, reflecting a significant recovery in profitability by 2025 [2][51]. - The current market valuation corresponds to a price-to-earnings (P/E) ratio of 468, 68, and 61 for the years 2024, 2025, and 2026, respectively [2][55].

执业证书编号：S1410524040001 | --- | --- | |-------------------------|------------------| | | | | 投资评级 : | 买入（维持） | | 当前价格 : | 11.28 元 | | 目标价格 : | 19.04 元 | | 目标期限 : | 6 个月 | | 市场数据 | | | 总股本 (百万股) | 1022.56 | | A 股股本 (百万股) | 1022.56 | | B/H 股股本(百万股 ) | / | | A 股流通比例 (%) | 82.29 | | 12 个月最高 /最低( 元 ) | 19.36/10.11 | | 第一大股东 | 联创未来（武汉） | | 第一大股东持股比 例 (%) | 14.20 | | 上证综指/沪深 300 | 2704.09/3159.25 | | 数据来源： iFind | ，截至 2024.9.13 | 近十二个月股价表现 %1个月3个月12个月 相对收益 2.08 -8.50 -15.40 绝对收益 -3.18 -18.91 -30.50 数据来源：iFind，截至2024 ...

S1410523110001 联系人：吴雁宇 执业证书编号： S1410124010015 相对收益 4.34 3.59 4.62 绝对收益 -0.91 -6.81 -10.83 % 1 个月 3 个月 12 个月 数据来源：iFinD，截至 2024 年 9 月 13 日 注：相对收益与沪深 300 相比 相关研究报告 1. 江海证券-行业点评报告-通信行业：大 模型持续迭代，算力产业链深度受益 – 20240517 2. 江海证券-行业点评报告-通信行业：AI 产业持续发展，算力产业链深度受益 -20240605 3. 江海证券-行业点评报告-通信行业：AI 产业标准建设提速，算力产业链持续受益 -20240703 通信行业事件点评报告 受益 证券研究报告·行业点评报告 2024 年 9 月 18 日 江海证券研究发展部 分析师：周彪 大模型进化重要一步，算力产业链持续 执业证书编号： 事件： ◆2024 年 9 月 12 日，Open AI 推出全新大模型 o1；对于复杂推理任务而言，其是 重大进步，代表 AI 能力新水平。 投资要点： ◆ o1 的亮点是在解决复杂推理问题方面，展现出明显进步。 在解决 ...

证券研究报告·行业点评报告 2024 年 9 月 13 日 江海证券研究发展部 执业证书编号： S1410524050001 行业评级：增持（维持） 相对收益 -2.70 -3.48 -7.91 绝对收益 -7.95 -13.88 -23.90 近十二个月行业表现 % 1 个月 3 个月 12 个月 数据来源：同花顺 iFinD，截至 2024 年 9 注：相对收益与沪深 300 相比 1、创新是医药行业永恒主题和核心驱动力 -20240912 ◆近期，国务院新闻办公室举行了"推动高质量发展"系列主题新闻发布会，国 家药品监督管理局局长李利及多位副局长详细阐述了药品监管领域的最新改 革进展和未来规划，本次发布会揭示了药品监管领域的深刻变革。 投资要点： ◆政策环境：1、严格监管促进产业合规发展：国家药品监督管理局坚持"四个最 严"要求，强化药品全生命周期的动态监管，确保药品安全形势总体稳定。这 一政策背景有助于提升医药行业的整体合规水平，减少监管风险，为优质医药 企业提供更稳定的发展环境；2、支持创新药品和医疗器械研发上市：国家药 品监督管理局通过深化审评审批制度改革，加速创新药品和医疗器械的上市进 程。这一 ...