国海证券：晨会纪要2024年第154期-20240902

Key Insights - The report highlights significant growth in various sectors, including film, semiconductor, and healthcare, indicating a robust recovery and expansion in these industries [5][9][16] - Companies such as Light Media and Lixun Precision are expected to benefit from strong market demand and technological advancements, particularly in AI and digital transformation [9][13][18] - The overall sentiment in the tourism sector is positive, with Ctrip Group showing impressive revenue growth driven by increased travel demand and effective cost management [19][20] Group 1: Light Media - In H1 2024, Light Media reported revenue of 1.334 billion yuan, a year-on-year increase of 120.43%, and a net profit of 473 million yuan, up 133.14% [9] - The company’s film and related businesses generated 974 million yuan in revenue, with a gross margin of 47.36% [10] - Light Media is focusing on expanding its animation production capabilities and has a rich pipeline of projects in development [11] Group 2: Semiconductor and Quartz Products - Kaide Quartz, a leading domestic quartz glass product manufacturer, achieved revenues of 260 million yuan in 2023, with a net profit of 38 million yuan [12] - The global semiconductor market is projected to grow from $440.4 billion in 2020 to $526.9 billion in 2023, with a compound annual growth rate of 6% [12] - Kaide Quartz is expected to see revenue growth of 15% to 25% from 2024 to 2026, driven by increasing demand in the semiconductor and photovoltaic sectors [13] Group 3: Lixun Precision - Lixun Precision reported H1 2024 revenue of 103.6 billion yuan, a year-on-year increase of 5.74%, and a net profit of 5.396 billion yuan, up 23.89% [13] - The company anticipates a strong Q3 2024, with projected net profit growth of 20% to 25% [13] - Lixun is focusing on AI technology integration, which is expected to drive a wave of new product demand [14] Group 4: Healthcare Sector - Weining Health achieved H1 2024 revenue of 1.224 billion yuan, a 2.68% increase, with a net profit of 30 million yuan, up 81.83% [16] - The company’s internet healthcare segment grew by 44.25%, indicating strong market demand for digital health solutions [18] - Weining is enhancing its product offerings with AI-driven solutions, which are expected to improve operational efficiency and market competitiveness [18] Group 5: Ctrip Group - Ctrip Group reported Q2 2024 net revenue of 12.8 billion yuan, a 14% increase, and a net profit of 3.8 billion yuan, up 507% [19] - The company’s domestic hotel bookings grew by approximately 20%, outperforming the industry average [19] - Ctrip's international travel bookings have fully recovered to pre-pandemic levels, showcasing strong market resilience [20]