东海证券：晨会纪要-20240902

Group 1: Manufacturing Industry Insights - The manufacturing PMI for August 2024 continued to decline, indicating a need for stronger growth policies as both supply and demand are slowing down. The new orders index has been in contraction for five consecutive months, with a decrease in most indices month-on-month, suggesting insufficient market demand remains a significant constraint. However, the new export orders index has stabilized for two months, indicating a potential stabilization in manufacturing exports [6][7][9]. - In August, the manufacturing PMI fell to 49.1%, down 0.3 percentage points from the previous month, which is significantly below the 10-year average of 50.4% for the same period. This reflects a continued decline in economic activity and highlights the necessity for enhanced counter-cyclical policy measures [6][7][9]. - The high-tech manufacturing PMI rose to 51.7%, an increase of 2.3 percentage points, while the equipment manufacturing PMI increased to 51.2%, up 1.7 percentage points. This indicates a rapid recovery of new momentum in the manufacturing sector, particularly in high-tech and equipment manufacturing [7][11]. Group 2: Company-Specific Analysis - Yangjie Technology - Yangjie Technology (300373.SZ) reported a revenue of 1.537 billion yuan for Q2 2024, representing a year-on-year increase of 16.96% and a quarter-on-quarter increase of 15.75%. The net profit attributable to shareholders was 244 million yuan, up 6.75% year-on-year and 35.36% quarter-on-quarter [12][13]. - The company is increasing its investment in automotive electronics and expanding its overseas presence. The construction of its automotive-grade wafer and packaging factory in Yangzhou is progressing well, and the company has developed a vehicle-mounted silicon carbide module that has garnered interest from several Tier 1 and end vehicle manufacturers [13][14]. - Yangjie Technology's revenue for the first half of 2024 reached 2.865 billion yuan, a year-on-year increase of 9.16%. The company is expected to see steady growth in performance as domestic and overseas demand recovers, with projected revenues of 6.456 billion yuan, 7.916 billion yuan, and 9.688 billion yuan for 2024, 2025, and 2026 respectively [14].