中银证券中银晨会聚焦

Key Insights - The report highlights a focus on several key stocks for July, including 招商轮船 (China Merchants Energy Shipping), 中国石油 (PetroChina), and 雅克科技 (Yake Technology) among others [1] - 宁德时代 (CATL) reported a net profit of 22.865 billion yuan for the first half of 2024, marking a year-on-year increase of 10.37% [6][14] - The company has maintained a strong market position with a global market share of 37.5% in the first five months of 2024, an increase of 2.3 percentage points year-on-year [6] Company Performance - 宁德时代's revenue for the first half of 2024 was 166.767 billion yuan, a decrease of 11.88% year-on-year, while the net profit for Q2 2024 was 12.355 billion yuan, up 13.40% year-on-year and 17.56% quarter-on-quarter [6] - The company's power battery sales reached approximately 160 GWh, generating revenue of 112.649 billion yuan, despite a year-on-year decrease of 19.20% [6] - The gross margin for the power battery business improved to 26.90%, an increase of 6.55 percentage points year-on-year [6] Industry Trends - The demand for data center networks is expected to grow significantly due to the increasing application of AI, which drives the need for high bandwidth and low latency [9] - 盛科通信 (Sengke Communication) is positioned as a leading domestic company in commercial Ethernet switch chips, with expectations of turning losses into profits as the industry recovers [4][8] - The global data center switch market is projected to reach a sales scale of 20.88 billion USD in 2024, with the switch chip segment anticipated to see significant growth [9]