Investment Rating - The report maintains an **Overweight** rating for the company, with a target price of RMB 87.02 [1] - The sector rating is **Outperform** [1] Core Views - The company's Q2 2024 performance showed significant recovery, with net profit attributable to the parent company increasing by 18.97% YoY and 85.44% QoQ [3] - Inverter shipments increased by 7.77% YoY in H1 2024, driven by strong demand in emerging markets such as Pakistan, India, Philippines, and Myanmar [3] - The energy storage battery pack segment saw a 74.82% YoY revenue increase in H1 2024, benefiting from global demand for residential energy storage products [3] - The home appliance business, including heat exchangers and dehumidifiers, grew by 16.73% and 31.98% YoY, respectively, due to extreme weather conditions and increased consumer awareness [3] Financial Performance Summary - H1 2024 revenue decreased by 2.97% YoY to RMB 4.748 billion, while net profit attributable to the parent company decreased by 2.21% YoY to RMB 1.236 billion [3] - Q2 2024 net profit margin improved to 28.03%, up 4.00 percentage points YoY and 5.04 percentage points QoQ [3] - The company's gross margin for energy storage inverters remained stable at 52.00% in H1 2024, slightly down from 54.96% in 2023 [3] Valuation and Forecast - The report revised the EPS forecasts for 2024-2026 to RMB 4.57, RMB 5.82, and RMB 6.63, respectively, representing an increase of 29.8%, 25.4%, and 32.7% from previous estimates [3] - The P/E ratio for 2024-2026 is projected at 19.1x, 14.9x, and 13.1x, respectively [4] - The company's EV/EBITDA for 2024-2026 is forecasted at 15.5x, 12.2x, and 10.0x [4] Market Performance - The company's stock price has shown a 9.9% increase year-to-date, outperforming the Shanghai Composite Index by 13.8 percentage points [1] - Over the past 12 months, the stock has gained 21% in absolute terms and 5.3% relative to the Shanghai Composite Index [1] Industry Outlook - The photovoltaic equipment sector is experiencing a recovery in demand, particularly in emerging markets, driven by factors such as power shortages, rising electricity prices, and policy support [3] - The global residential energy storage market continues to grow, supporting the company's energy storage battery pack business [3]

医药生物 | 证券研究报告 — 业绩评论 2024 年 8 月 29 日 688085.SH 买入 原评级：买入 市场价格:人民币 17.56 板块评级:强于大市 股价表现 (38%) (29%) (19%) (10%) (0%) 9% Aug-23Sep-23Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24 | --- | --- | --- | --- | --- | |--------------------------------------------|-----------------------------|---------------------------------|----------------------|---------------------------| | 三友医疗 \n(%) \n绝对 \n相对上证综指 | 今年 至今 \n(8.4) \n(4.5) | 上证综指 \n1 个月 \n8.1 \n9.5 | 3 个月 \n0.6 \n9.4 | 12 个月 \n(18.4) \n(11.4) | | ...

电子 | 证券研究报告 — 业绩评论 2024 年 8 月 29 日 688213.SH 买入 原评级：买入 市场价格:人民币 47.07 板块评级:强于大市 股价表现 (15%) (3%) 8% 19% 31% 42% Aug-23Sep-23Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24 思特威-W 上证综指 (%) 今年 1 3 12 至今 个月 个月 个月 绝对 (15.2) (7.8) 2.8 8.7 | --- | --- | |--------------------------|-----------| | 发行股数 (百万) | 400.01 | | 流通股 (百万) | 321.21 | | 总市值 (人民币 百万) | 18,828.47 | | 3 个月日均交易额 (人民币 | 173.82 | | 主要股东 | | | 徐辰 | 13.71 | | 资料来源：公司公告，Wind | | 以 2024 年 8 月 27 日收市价为标准 相关研究报告 《思特威-W》20240812 《思特威-W》20240717 ...

建筑材料 | 证券研究报告 — 调整盈利预测 2024 年 8 月 29 日 002398.SZ 买入 原评级：买入 市场价格:人民币 3.33 板块评级:强于大市 本报告要点 垒知集团 2024 年中报点评 股价表现 (%) 今年 1 3 12 (39%) (30%) (22%) (13%) (4%) 5% Aug-23Sep-23Oct-23Nov-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24 垒知集团 深圳成指 至今 个月 个月 个月 绝对 (30.8) (4.3) (26.5) (38.4) 相对深圳成指 (17.6) 3.7 (10.7) (17.1) | --- | --- | --- | |-----------------------------------------|------------|---------------| | | | | | 发行股数 ( 百万 ) 流通股 ( 百万 ) | | 698.01 579.36 | | 总市值 ( 人民币 百万 ) | | 2,324.39 | | 3 个月日均交易额 ( 人民币 | 百 ...

| --- | --- | --- | --- | --- | |--------------------------------------|------------------------------------------------------|-------------------------------|--------|-------------------------------------------------------------------------| | 证券研究报告 \n8 月金股组合 股票代码 | —— 晨会聚焦 \n | 股票名称 | | 2024 年 8 月 29 日 \n中银晨会聚焦 -20240829 | | 1519.HK | | 极兔速递 | -W | | | 002001.SZ | | 新和成 | | | | | | | | ■ 重点关注 | | 002409.SZ | | 雅克科技 | | | | 002340.SZ 688198.SH | | 格林美 佰仁医疗 | | 【电子】深南电路 * 苏凌瑶。 24H1 受益行业复苏以及公司本身经营质效提升， | | ...

Core Insights - The report introduces a new investment framework for A-shares, emphasizing the importance of style classification during structural transformation periods in the market [1][9][51] - It highlights the shift in market style dynamics since 2017, with notable asset rotations including core assets, track stocks, cyclical stocks, small-cap stocks, and dividend assets [1][9][40] Market Style Review - The report reviews the market style rotations from 2017 to 2023, identifying key phases: core asset bull market (2017-2020), track stock advantage (2019-2021), cyclical stock recovery (2021), small-cap valuation recovery (2022-2023), and the current dividend asset phase (2023-present) [1][9][19] - It notes that the traditional economic cycle's volatility has decreased, making style judgment a primary source of excess returns in the market [1][9] New A-share Style Classification Framework - The new framework categorizes A-share styles into two dimensions: large-cap vs. small-cap and growth investment vs. safety margin investment [1][51][64] - Growth investment includes cyclical assets and emerging growth assets (like track stocks and TMT), while safety margin investment includes stable core assets and dividend-paying assets [1][51][64] Application of the New Framework - The report applies the new framework to common broad-based indices, categorizing them based on their style characteristics [1][75] - It addresses current market concerns, such as the potential switch from dividend assets to the Sci-Tech 50 index, the transition from large-cap to small-cap stocks, and the sustainability of the barbell style [1][77][80] Future Outlook - The report suggests that the transition from dividend assets to growth assets requires a stabilization of market risk preferences and a significant uptrend in emerging industry trends [1][78] - It emphasizes the need to monitor external macroeconomic conditions and geopolitical developments, which could impact market sentiment and asset performance [1][80]

基础化工 | 证券研究报告 — 调整盈利预测 2024 年 8 月 28 日 600352.SH 买入 原评级：买入 市场价格:人民币 9.01 板块评级:强于大市 股价表现 (18%) (14%) (10%) (5%) (1%) 3% Aug-23Sep-23Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24 浙江龙盛 上证综指 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 6.5 3.7 (0.6) (3.1) 相对上证综指 10.3 5.1 8.3 3.9 | --- | --- | |------------------------------------|-----------| | 发行股数 (百万) | 3,253.33 | | 流通股 (百万) | 3,253.33 | | 总市值 (人民币 百万) | 29,312.52 | | 3 个月日均交易额 (人民币 百万) | 95.51 | | 主要股东 | | | 阮水龙 | 11.98 | | 资料来源：公司公告，Wind，中银证券 | | 以 2024 年 8 ...

(%) 今年 至今 1 个月 3 个月 12 个月 (27%) (15%) (3%) 8% 20% 32% Aug-23Sep-23Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24 龙迅股份 上证综指 绝对 (61.2) (16.2) (48.8) (53.6) 相对上证综指 (57.4) (14.8) (40.0) (46.5) 龙迅股份 支撑评级的要点 | --- | --- | --- | |-------------------------------|------------|----------| | | | | | 发行股数 ( 百万 ) | | 102.28 | | 流通股 ( 百万 ) | | 55.91 | | 总市值 ( 人民币 百万 ) | | 4,446.14 | | 3 个月日均交易额 ( 人民币 | 百万 ) | 39.35 | | 主要股东 | | | | FENG CHEN | | 37.6367 | | 资料来源：公司公告， Wind | ，中银证券 | | 2024 年上半年营收/归母净利润均大幅增长 ...

电子 | 证券研究报告 — 业绩评论 2024 年 8 月 28 日 300327.SZ 增持 原评级：增持 市场价格:人民币 17.19 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 (43%) (32%) (22%) (11%) 0% 11% Aug-23Sep-23Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24 中颖电子 深圳成指 绝对 (24.0) (11.7) (26.5) (31.5) 相对深圳成指 (10.2) (5.9) (11.7) (11.5) | --- | --- | --- | |-------------------------------|------------|----------| | | | | | | | | | 发行股数 ( 百万 ) | | 341.39 | | 流通股 ( 百万 ) | | 339.26 | | 总市值 ( 人民币 百万 ) | | 5,868.48 | | 3 个月日均交易额 ( 人民币 | 百万 ) | 185.91 | | 主要股东 ...

(22%) 4% 31% 57% 83% 110% Aug-23Sep-23Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24 深南电路 深圳成指 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 48.9 (5.5) 13.6 66.6 相对深圳成指 62.7 0.3 28.4 86.6 深南电路 | --- | |-----------| | 512.88 | | 510.81 | | 53,677.76 | | 634.48 | | | | 63.97 | | | 以 2024 年 8 月 27 日收市价为标准 24H1 受益行业复苏以及公司本身经营质效提升，公司 24H1 实现业绩高增，PCB 业 务充分把握结构性机会，封装基板业加快推动高端产品导入，维持买入评级。 支撑评级的要点 产品结构优化+经营质效提升助力公司 24H1 业绩高增。公司 24H1 实现营收 83.21 亿元，同比+37.91%，实现归母净利润 9.87 亿元，同比+108.32%，实现扣非归母 净利润 9.04 亿元，同比+112.38%。盈利能力来看 ...