Investment Rating - The report maintains an "Accumulate" rating for the company [1][2]. Core Views - The company experienced a year-on-year decline in net profit of 49.04% in the first half of 2024, despite a revenue increase of 7.64% to RMB 200.19 million [2][4]. - The main business of lubrication systems saw a revenue decrease of 15.42% due to price reductions, impacting gross margin [2][4]. - The hydraulic systems business achieved a revenue increase of 95.85%, although its gross margin decreased [2][4]. - The stock incentive plan has temporarily pressured net profit, but is expected to enhance employee motivation and innovation in the long term [2][4]. Financial Summary - For the first half of 2024, the company reported a revenue of RMB 200.19 million, with a gross profit margin of 38.93%, down from 47.96% in the same period of 2023 [4][5]. - The net profit attributable to the parent company was RMB 29.50 million, reflecting a 49.04% decrease year-on-year [4][5]. - The company adjusted its earnings per share (EPS) forecasts for 2024-2026 to RMB 0.71, 0.80, and 1.13 respectively, with corresponding price-to-earnings ratios of 27.7, 24.6, and 17.5 [2][3]. Market Performance - The company's stock price is currently at RMB 19.68, with a market capitalization of RMB 2,924.14 million [1][2]. - The stock has underperformed relative to the Shenzhen Composite Index, with a relative performance of -24.3% over the past year [1][2].

电子 | 证券研究报告 — 调整盈利预测 2024 年 9 月 3 日 002436.SZ 兴森科技 24H1 业绩承压，封装基板稳步迈进静待花开 公司发布 2024 年半年报，上半年公司利润端整体承压，但伴随公司封装基板业务的 稳步发展，公司业绩或有望随高端品类放量转暖，维持增持评级。 支撑评级的要点 公司 24H1 营收增长，利润承压。公司 24H1 实现营收 28.81 亿元，同比+12.29%，实现归 母净利润 0.20 亿元，同比+7.99%，实现扣非归母净利润 0.29 亿元，同比+353.13%。盈利能 力来看，公司 24H1 实现毛利率 16.56%，同比-8.62pcts，实现归母净利率 0.68%，同比-0.03pct， 实现扣非归母净利率 1.00%，同比+0.75pct；单季度来看，公司 24Q2 实现营收 14.93 亿元， 同比+13.59%/环比+7.50%，实现归母净利润-0.05 亿元，同环比转亏，实现扣非归母净利润 0.05 亿元，同比-10.9%/环比-79.79%。公司 24Q2 实现毛利率 16.09%，同比-10.09pcts/环比 -0.98pct。上述变化主要系 ...

电子 | 证券研究报告 — 调整盈利预测 2024 年 9 月 3 日 688049.SH 增持 原评级：增持 市场价格:人民币 22.30 板块评级:强于大市 股价表现 (%) 今年 1 3 12 (39%) (27%) (15%) (4%) 8% 20% Sep-23Oct-23Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24 炬芯科技 上证综指 至今 个月 个月 个月 绝对 (39.8) 2.0 (14.5) (33.0) 相对上证综指 (35.7) 3.3 (6.4) (23.6) | --- | --- | --- | |-------------------------------|------------|----------| | | | | | | | | | 发行股数 ( 百万 ) | | 146.14 | | 流通股 ( 百万 ) | | 108.80 | | 总市值 ( 人民币 百万 ) | | 3,258.84 | | 3 个月日均交易额 ( 人民币 | 百万 ) | 80.92 | | 主要股东 | | | | ...

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Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming months [1]. Core Views - The company has shown stable revenue and net profit figures in the first half of 2024, with significant growth in its smart wearables, server, and AIoT businesses. The report highlights multiple acquisition announcements aimed at enhancing customer reach, component capabilities, and global expansion [1]. Summary by Sections Financial Performance - In the first half of 2024, the company reported revenue of RMB 39.397 billion, a slight decrease of 0.76% year-on-year. The net profit attributable to shareholders was RMB 1.291 billion, an increase of 0.73% year-on-year. The gross margin improved to 11.74%, up by 1.89 percentage points [1]. - For Q2 2024, the company achieved revenue of RMB 23.169 billion, a year-on-year increase of 1.27% and a quarter-on-quarter increase of 42.76%. The net profit for the quarter was RMB 0.686 billion, a decrease of 0.87% year-on-year but an increase of 13.23% quarter-on-quarter [1]. Business Segments - The smart terminal segment, which includes smartphones and smart wearables, generated RMB 12.4 billion in revenue, accounting for 33% of total revenue. While smartphone shipments saw a slight decline, smart wearables experienced rapid growth [1]. - The high-performance computing segment, which includes PCs, tablets, and data products, generated RMB 22.2 billion, representing 60% of total revenue. The server revenue grew by 150% year-on-year, and the company launched an AI server with a full-stack layout [1]. - The AIoT business achieved revenue of RMB 1.84 billion, a remarkable year-on-year growth of 316%, with products including smart home devices and audio products [1]. Mergers and Acquisitions - The company has been active in mergers and acquisitions, including a cash acquisition of 80% of a company specializing in high-fidelity and Bluetooth audio products. This move is expected to enhance the company's competitiveness and global footprint [1]. Valuation - The report slightly raises the earnings forecast, projecting earnings per share of RMB 2.86, RMB 3.31, and RMB 3.90 for 2024, 2025, and 2026, respectively. The corresponding price-to-earnings ratios are 16.2x, 14.0x, and 11.9x [1].

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Investment Rating - The report maintains a "Buy" rating for the company [1][2] Core Views - The company is expected to benefit from the recovery in the consumer electronics industry, with steady growth in performance. In the first half of 2024, the company achieved revenue of RMB 451 million, a year-on-year increase of 11.89%, and a net profit attributable to the parent company of RMB 119 million, up 9.42% year-on-year [2][4] - The company is actively expanding into the new energy vehicle and semiconductor sectors, further opening up growth opportunities. The report emphasizes the company's strong performance in precision welding equipment, which generated revenue of RMB 338 million in the first half of 2024, reflecting a year-on-year increase of 22.59% [2][3] - The semiconductor packaging equipment segment is expected to achieve high growth in the future, supported by the company's successful entry into this field through various strategies, including independent research and development and partnerships [2][3] Summary by Sections Financial Performance - In the first half of 2024, the company reported a revenue of RMB 451 million, with a gross margin of 49.39% and a net margin of 26.13% [4][5] - The second quarter of 2024 saw revenue of RMB 226 million, a 20.93% increase year-on-year, with a net profit of RMB 59 million, up 10.23% year-on-year [5][6] Revenue and Profit Forecast - The company is projected to achieve revenues of RMB 1.036 billion, RMB 1.290 billion, and RMB 1.497 billion for the years 2024, 2025, and 2026, respectively. The net profit attributable to the parent company is expected to be RMB 264 million, RMB 336 million, and RMB 405 million for the same years [3][6] - The report indicates an expected EPS of RMB 1.06, RMB 1.35, and RMB 1.62 for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 19.0, 15.0, and 12.4 [3][6] Market Position and Strategy - The company is positioned as a leading manufacturer of electronic assembly equipment in China, benefiting from the recovery of the consumer electronics sector and actively pursuing opportunities in the new energy vehicle and semiconductor markets [2][3] - The report highlights the company's successful development of AOI multi-dimensional inspection equipment, marking a significant technological advancement and establishing it as a key supplier for major clients [2][3]

食品饮料 | 证券研究报告 — 调整盈利预测 2024 年 9 月 2 日 000568.SZ 买入 原评级：买入 市场价格:人民币 119.28 板块评级:强于大市 本报告要点 泸州老窖 2024 年半年报业绩点评 股价表现 (50%) (40%) (30%) (19%) (9%) 1% Sep-23Oct-23Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24 泸州老窖 深圳成指 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 (31.0) (4.8) (31.5) (48.9) 相对深圳成指 (19.8) (3.4) (20.4) (28.5) | --- | --- | --- | |-------------------------------|------------|------------| | | | | | 发行股数 ( 百万 ) | | 1,471.97 | | 流通股 ( 百万 ) | | 1,467.14 | | 总市值 ( 人民币 百万 ) | | 175,576.16 | | 3 个月日均交易额 ( ...

002244.SZ 买入 原评级：买入 市场价格:人民币 8.42 板块评级:强于大市 房地产 | 证券研究报告 — 业绩评论 2024 年 9 月 2 日 滨江集团 上半年营收业绩同比下滑；拿地强度仍然较高 摘要：滨江集团公布 2024 年中报。公司 2024 年中报实现营业收入 242.0 亿元，同比 下降 10.5%；归母净利润 11.7 亿元，同比下降 28.7%。 公司营收业绩同比均下滑，主要是因为交付体量和毛利率下降。2024 年上半年公司营收同比下降 10.5%；归母净利润同比下降 28.7%，主要受交付体量同比减少及交付项目毛利下降影响。根据项目建设进度，今年公司楼盘交付主要集中在第四季度。上半 年公司房地产开发项目结算毛利率仅为9.6%，同比下降8.7 个百分点，主要是因为上半年结算的主要项目为 2020、2021 年获得的 项目，此类项目因存在自持等原因导致毛利率较低，预计随着低毛利项目的交付，未来毛利率会逐步修复。公司未来业绩有保障， 2024 年6 月末公司尚未结算的预收账款为 1396 亿元，预收账款/上年营业收入达到 1.98X。 公司短期利润率仍然承压，注重费用管控。2024 年 ...

| --- | --- | --- | --- | |----------------------------------------|------------------------------------------------------|-----------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------| | 证券研究报告 \n9 月金股组合 股票代码 | —— | 晨会聚焦 \n股票名称 | 2024 年 9 月 2 日 \n中银晨会聚焦 -20240902 | | 600309.SH | | 万华化学 | | | 002409.SZ | | 雅克科技 | | | | | | ■ 重点关注 | | 300750.SZ | | 宁德时代 | | | 603203.SH | | 快克智能 佰仁医疗 | 【宏观经济】 8 月 ...