中银证券：中银晨会聚焦-20240815

Core Insights - The report highlights the performance of companies in the electric equipment sector, specifically focusing on their financial results and growth prospects in the context of market recovery and product development [2][5]. Company Summaries 1. Xiamen Tungsten New Energy - The company reported a profit of 239 million yuan for the first half of 2024, a year-on-year decrease of 6.12%, with revenue of 6.3 billion yuan, down 22.43% [3]. - Despite the decline in profit, the company maintained growth in shipment volumes, particularly in lithium battery materials, with cobalt acid lithium sales increasing by 29.98% and ternary material sales rising by 108.59% [3]. - The company is actively developing new products and preparing for overseas production capacity, which is expected to enhance growth opportunities in the future [2][3]. 2. Hongfa Technology - The company achieved a revenue of 7.231 billion yuan in the first half of 2024, representing a year-on-year growth of 8.89%, and a profit of 844 million yuan, up 15.33% [6]. - The main relay business saw a revenue increase of 8.00%, supported by a recovery in downstream demand, particularly in the home appliance sector and automotive industry [6]. - The company is expanding its product offerings, with significant growth in new product categories such as film capacitors and current sensors, which saw year-on-year increases of 20%, 118%, and 129% respectively [6]. Market Performance - The Shanghai Composite Index closed at 2850.65, with a slight increase of 0.60%, while the Shenzhen Component Index rose by 1.17% to 8311.00 [1]. - The electric equipment sector showed a positive performance with a growth of 1.48%, indicating a recovery in demand and market conditions [1].