Investment Rating - The report maintains a "Buy" rating for the company, with a target price of RMB 19.46 [1] - The sector rating is "Outperform" [1] Core Views - The company is expected to benefit from the growing demand for data center temperature control, driven by the AI wave [2] - The company's data service segment saw significant growth, with new orders in H1 2024 nearly tripling compared to the same period last year [2] - The company is expanding its production capacity with a new manufacturing base focused on liquid cooling products, which is expected to enhance its competitiveness [2] Financial Performance - In H1 2024, the company reported revenue of RMB 1.305 billion, a 13.49% YoY increase, and net profit attributable to shareholders of RMB 111 million, a 27.28% YoY increase [2] - Q2 2024 revenue was RMB 810 million, up 18.01% YoY, with net profit attributable to shareholders of RMB 60 million, a 32.16% YoY increase [2] - The gross margin in H1 2024 was 26.45%, down 2.54 percentage points YoY, while the net margin increased by 0.65 percentage points to 8.26% [2] Segment Performance - The data service segment revenue grew by 61.35% YoY, driven by strong demand for high-efficiency evaporative cooling and liquid cooling products [2] - The industrial segment revenue declined by 53.46% YoY due to slower project deliveries [2] - The special segment revenue increased by 45.47% YoY, with hospital and nuclear power businesses showing strong growth [2] - The public and commercial air conditioning segment revenue surged by 101.54% YoY [2] Valuation and Forecast - The report adjusts the company's 2024-2025 earnings forecasts and introduces a 2026 forecast, with expected revenue of RMB 3.118 billion, RMB 3.843 billion, and RMB 4.419 billion for 2024, 2025, and 2026, respectively [2] - Net profit attributable to shareholders is forecasted to be RMB 238 million, RMB 303 million, and RMB 353 million for 2024, 2025, and 2026, respectively [2] - The current PE ratio is 21.7x for 2024, 17.1x for 2025, and 14.7x for 2026 [2] Key Financial Metrics - The company's EBITDA for 2024E is projected to be RMB 352 million, with a growth rate of 87.3% YoY [3] - The EPS for 2024E is forecasted to be RMB 0.89, representing a 127% YoY increase [3] - The dividend yield is expected to be 1.9% in 2024, 2.4% in 2025, and 2.8% in 2026 [3]

电力设备 | 证券研究报告 — 调整盈利预测 2024 年 9 月 3 日 300014.SZ 买入 原评级：买入 市场价格:人民币 32.56 板块评级:强于大市 股价表现 (36%) (29%) (22%) (14%) (7%) 0% Sep-23Oct-23Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Sep-24 亿纬锂能 深圳成指 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 (20.3) (12.3) (16.9) (33.5) 相对深圳成指 (7.2) (7.8) (4.2) (11.6) | --- | --- | --- | |-------------------------------|------------|-----------| | | | | | 发行股数 ( 百万 ) | | 2,045.72 | | 流通股 ( 百万 ) | | 1,861.43 | | 总市值 ( 人民币 百万 ) | | 66,608.69 | | 3 个月日均交易额 ( 人民币 | 百万 ) | 801.30 | | 主要股东 ...

688286.SH 买入 原评级：买入 市场价格:人民币 36.84 板块评级:强于大市 股价表现 (42%) (26%) (10%) 6% 22% 38% Sep-23Oct-23Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24 敏芯股份 上证综指 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 (44.9) (10.2) (0.4) (29.2) 相对上证综指 (40.8) (8.9) 7.6 (19.8) | --- | --- | --- | |-------------------------------|------------|----------| | | | | | 发行股数 ( 百万 ) | | 55.98 | | 流通股 ( 百万 ) | | 55.98 | | 总市值 ( 人民币 百万 ) | | 2,062.13 | | 3 个月日均交易额 ( 人民币 | 百万 ) | 79.54 | | 主要股东 | | | | 李刚 | | 19.2 | | 资料来源：公司公告， Wind | ，中银证券 | | ...

社会服务 | 证券研究报告 — 调整盈利预测 2024 年 9 月 3 日 605108.SH 增持 原评级：增持 市场价格:人民币 16.20 板块评级:强于大市 股价表现 (%) 今年 1 3 12 (51%) (41%) (30%) (20%) (9%) 1% Sep-23Oct-23Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Sep-24 同庆楼 上证综指 至今 个月 个月 个月 绝对 (46.8) (12.4) (34.0) (52.2) 相对上证综指 (41.7) (9.1) (25.1) (41.9) | --- | --- | --- | |------------------------------------------------------------------------|------------|----------| | | | | | | | | | 发行股数 ( 百万 ) | | 260.00 | | 流通股 ( 百万 ) | | 260.00 | | 总市值 ( 人民币 百万 ) | | 4,212.00 | ...

医药生物 | 证券研究报告 — 行业周报 2024 年 9 月 3 日 强于大市 医药生物行业周报 2024H1 医药生物板块受到高基数影响，2024H2 伴随政策支持落地有望实现增速改善 | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------- ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][3] Core Views - The company reported a revenue of 2.93 billion HKD for the first half of 2024, representing a year-on-year increase of 11.9%, while the net profit attributable to shareholders was 310 million HKD, a decrease of 13.8% year-on-year [3] - The recovery of third-party business has been noted, with significant growth in the Chinese compound seasoning and convenience food segments [3] - The company plans to distribute a dividend of 293 million HKD, achieving a dividend payout ratio of 95%, which is expected to boost investor confidence [3] Summary by Sections Revenue and Profitability - The company achieved a revenue of 2.93 billion HKD in 1H24, up 11.9% year-on-year, with third-party business revenue reaching 1.91 billion HKD, an increase of 12.2% [3] - The gross margin for 1H24 was 30.0%, a slight decrease of 0.5 percentage points year-on-year, primarily due to raw material cost fluctuations [3] - The net profit margin decreased by 3.0 percentage points to 11.4% due to increased sales expenses [3] Business Segments - Hot pot seasoning revenue was 1.75 billion HKD, up 5.6% year-on-year, with sales volume increasing by 21.4% [3] - Chinese compound seasoning revenue reached 450 million HKD, a growth of 24.4%, driven by new product launches [3] - Convenience food revenue was 700 million HKD, up 22.2%, with significant growth from both related and third-party sales [3] Future Projections - Revenue forecasts for 2024-2026 are adjusted to 6.81 billion HKD, 7.64 billion HKD, and 8.40 billion HKD, with growth rates of 10.8%, 12.1%, and 10.0% respectively [4] - Net profit projections for the same period are 829 million HKD, 967 million HKD, and 1.08 billion HKD, with year-on-year changes of -2.9%, +16.6%, and +12.0% [4] - The expected earnings per share (EPS) for 2024-2026 are 0.80 HKD, 0.93 HKD, and 1.04 HKD, with corresponding price-to-earnings (PE) ratios of 13.3X, 11.4X, and 10.2X [4]

电子 | 证券研究报告 — 业绩评论 2024 年 9 月 3 日 300666.SZ 江丰电子 靶材、零部件收入高增，扣非净利润增长亮眼 公司发布 2024 年半年报。2024 年上半年实现营业收入 16.27 亿元，同比增长 35.91%； 归母净利润 1.61 亿元，同比增长 5.32%；扣非归母净利润 1.70 亿元，同比增长 73.49%。 第二季度营收同增 35.18%至 8.55 亿元；归母净利润/扣非归母净利润分别同比增长 4.61%/61.14%至 1.01/1.00 亿元。看好公司在超高纯靶材和第三代半导体材料关键领 域的研发布局，维持增持评级。 支撑评级的要点 2024 年上半年收入同比高增长，第二季度超高纯靶材及精密零部件收入均创历史 新高。2024H1公司营收同增35.91%至 16.27亿元，其中 Q2单季度营收同增35.18% 至 8.55 亿元。分业务看，上半年超高纯靶材收入 10.69 亿元，同比增长 37.33%， 毛利率为 30.33%，同比上升 1.63pct。公司积极推进超高纯金属溅射靶材扩产项 目，产业链护城河不断拓宽。上半年精密零部件业务收入 3.99 亿元，同比 ...

宏观经济 | 证券研究报告 — 总量周报 2024 年 9 月 1 日 宏观和大类资产配置周报 关注生产端的后续走势 大类资产配置顺序：债券>大宗>股票>货币。 宏观要闻回顾 经济数据：7 月份规上工业企业利润同比增长 4.1%；1-7 月，全国一般公 共预算收入同比下降 2.6%，全国一般公共预算支出同比增长 2.5%。 要闻：习近平主持召开中央全面深化改革委员会第六次会议；央行等八部 门印发《关于进一步做好金融支持长江经济带绿色低碳高质量发展的指导 意见》；《中国的能源转型》白皮书发布；商务部等 4 部门办公厅发布《关 于进一步做好家电以旧换新工作的通知》；国家主席习近平会见美国总统 国家安全事务助理沙利文。 资产表现回顾 人民币汇率升值带动风险资产价格上行趋势。本周沪深 300 指数下跌 0.17%，沪深 300 股指期货上涨 0.31%；焦煤期货本周上涨 3.8%，铁矿石 主力合约本周上涨 4.27%；股份制银行理财预期收益率收于 2.08%，余额 宝 7 天年化收益率下跌 1BP 至 1.38%；十年国债收益率上行 2BP 至 2.17%， 活跃十年国债期货本周下跌 0.22%。 资产配置建议 大类 ...

计算机 | 证券研究报告 — 调整盈利预测 2024 年 9 月 3 日 Aug-23Oct-23Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24 奇安信-U 上证综指 688561.SH 买入 原评级：买入 市场价格:人民币 22.60 板块评级:强于大市 股价表现 (60%) (48%) (35%) (23%) (10%) 2% (%) 今年 至今 1 个月 3 个月 12 个月 绝对 (41.8) (0.6) (14.4) (57.9) 相对上证综指 (37.8) 0.7 (6.4) (48.5) | --- | --- | --- | |-------------------------------|------------|-----------| | | | | | 发行股数 ( 百万 ) | | 685.17 | | 流通股 ( 百万 ) | | 510.06 | | 总市值 ( 人民币 百万 ) | | 15,484.90 | | 3 个月日均交易额 ( 人民币 | 百万 ) | 88.17 | | 主要股东 | | | ...

| --- | --- | --- | --- | --- | |---------------------------------|------------------------------------------------------|-------------------|--------|--------------------------------------------------------------------------------------| | 证券研究报告 \n9 月金股组合 | —— 晨会聚焦 \n | | | 2024 年 9 月 3 日 | | 股票代码 600309.SH | | 股票名称 万华化学 | | 中银晨会聚焦 -20240903 | | | | | | | | 002409.SZ | | 雅克科技 | | ■ 重点关注 | | 300750.SZ | | 宁德时代 | | | | 603203.SH | | 快克智能 | | 【 食品饮料 】泸州老窖 * 邓天娇。 泸州老窖公告 2024 年半年报业绩。 1H24 | | 688198.SH | | 佰仁医 ...