中银证券：中银晨会聚焦-20240902

Macro Economic Overview - The manufacturing PMI index for August is 49.1%, a decrease of 0.3 percentage points from July, indicating continued contraction in manufacturing activity [2] - The new orders index for August is 48.9%, down 0.4 percentage points from July, reflecting weak demand in the manufacturing sector [2] - The real estate sector remains a significant drag on overall economic performance, with traditional industries facing challenges due to demand shortfalls [3] Electronics Sector - The company Lixun Precision's H1 2024 performance met expectations, with a revenue growth of 23.89% and a gross margin increase of approximately 1 percentage point [4][5] - The company forecasts a Q3 2024 net profit growth of approximately 20%, driven by advancements in AI technology and the global expansion of smart automotive solutions [4][6] - The consumer electronics segment shows modest growth, with a revenue increase of 3.25%, supported by the rapid iteration of AI models and a recovery in market demand [6] Computer Security Sector - The company Qiming Star's H1 2024 revenue is 15.7 billion yuan, a year-on-year increase of 3.4%, but it reported a net loss of 1.8 billion yuan [8][9] - The company has seen a rapid increase in new orders and a significant improvement in gross margin, which rose by 13.77 percentage points to 64.6% in Q2 [8] - The new security revenue segment has shown robust growth, particularly in cloud security, which increased by over 200% year-on-year [9] Social Services Sector - The company Songcheng Performance reported H1 2024 revenue of 1.177 billion yuan, a year-on-year increase of 59%, and a net profit of 550 million yuan, up 81.75% [11][12] - The growth is driven by an increase in operational days and visitor numbers at scenic spots, with new projects ramping up quickly [11][13] - Existing projects show mixed performance, with some locations recovering faster than others due to varying tourism dynamics [12][13]