策略点评 策略研究 | 证券研究报告 — 总量点评 2024 年 8 月 21 日 AI 端侧具备高性价比，行情可期 AI 端侧产品或将在 Q3 加速落地，产业链有望获得密集催化，具备较高配置 性价比。 中银国际证券股份有限公司 具备证券投资咨询业务资格 策略研究 证券分析师：王君 (8610)66229061 jun.wang@bocichina.com 证券投资咨询业务证书编号：S1300519060003 证券分析师：高天然 tianran.gao@bocichina.com 证券投资咨询业务证书编号：S1300522100001 ◼ 事件：8 月 21 日，电子（申万）行业上涨 0.14%，优于上证指数的-0.31%， 在所有申万行业中涨幅居于第三，其中无线充电、电子元器件、消费电子 代工等涨幅较优，分别上涨 2.41%，0.86%，0.90%。 ◼ 消费电子新机上市旺季即将到来，苹果产业链需求热度已有所显现。9、 10 月份是消费电子新产品上市的旺季，特别是 9 月 10 日苹果发布会即将 召开，iPhone16 系列 AI 手机将会推出。新款 iPhone 将全面采用新款 A18 系列芯片进而应对 ...

基础化工 | 证券研究报告 — 行业策略报告 2024 年 8 月 21 日 强于大市 化工行业 2024 年中期策略 供需略改善，关注油气油服、新材料与景气上行 子行业 行业景气度略有改善，展望 2024 年下半年，国内外需求有望持续复苏。当前行业估值处 于低位。维持行业强于大市评级，推荐三条投资主线。 支撑评级的要点 全球经济增速放缓，化工各子行业、各产品表现分化。2024 年 1-5 月，化学原料与化 学制品制造业、化学纤维制造业、橡胶和塑料制品业累计营收分别同比增长 5.20%、 16.20%、6.60%；利润总额同比分别下降 4.04%、提升 156.23%、提升 20.90%。从具 体产品价格来看，截至 2024 年 7 月 7 日，重点跟踪的化工产品中有 46.53%的产品年 内均价较 2023 年均价有所上涨。从库存来看，截至 5 月，化学原料及化学制品产成品 库存金额同比下降 4.00%，下降幅度略高于 PPI；化学纤维制造业、橡胶和塑料制品 业产成品库存分别同比增长 22.10%、4.50%，库存有所累积。 需求端来看，当前下游需求缓慢复苏，未来有望持续恢复。上半年我国汽车、家 电等领域增 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][3]. Core Views - The company reported a net profit attributable to shareholders of RMB 648 million for the first half of 2024, representing a year-on-year growth of 27.38% [3]. - Revenue for the first half of 2024 reached RMB 5.45 billion, an increase of 10.75% compared to the same period last year [3]. - The company is focused on cost reduction and efficiency improvement, with a gross profit margin of 23.06% and a net profit margin of 11.87% for the first half of 2024 [3][5]. - The company is expanding its production capacity with new projects in Shenzhen and the United States, which will enhance its future growth potential [3][4]. - The company is also diversifying into humanoid robot components, which is expected to become a new growth driver [3]. Financial Summary - For the first half of 2024, the company achieved a gross profit of RMB 1.26 billion, with a gross profit margin of 23.06% [5]. - The net profit for the second quarter of 2024 was RMB 339 million, showing a year-on-year increase of 27.03% and a quarter-on-quarter increase of 10.02% [3][5]. - The company’s projected earnings per share (EPS) for 2024-2026 are RMB 5.19, RMB 6.34, and RMB 7.86, respectively, with corresponding price-to-earnings (P/E) ratios of 13.5, 11.1, and 8.9 [4][6]. - The company’s total revenue is expected to grow from RMB 12.8 billion in 2024 to RMB 19.6 billion in 2026, with a compound annual growth rate (CAGR) of approximately 22% [4][6].

计算机 | 证券研究报告 — 调整盈利预测 2024 年 8 月 21 日 688111.SH 金山办公 买入 原评级：买入 市场价格:人民币 191.15 板块评级:强于大市 股价表现 (49%) (38%) (27%) (16%) (5%) 6% Aug-23Sep-23Oct-23Nov-23Dec-23Feb-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24 金山办公 上证综指 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 (37.0) (6.1) (34.8) (48.1) 相对上证综指 (33.8) (2.2) (25.2) (39.6) | --- | |-----------| | 462.53 | | 462.53 | | 88,411.78 | | 798.17 | | | | 51.59 | | | 以 2024 年 8 月 20 日收市价为标准 相关研究报告 《金山办公》20240321 《金山办公》20231026 《金山办公》20230823 中银国际证券股份有限公司 具备证券投资咨询业务资格 计算机：软件开发 证券分析师：杨思睿 (8610 ...

| --- | --- | --- | --- | |----------------------------------------|------------------------------------------------------|-----------------------------------|-------------------------------------------------------------------------------------| | 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 21 日 \n中银晨会聚焦 -20240821 | | 1519.HK | | 极兔速递 -W | | | 002001.SZ | | 新和成 | | | | | | ■ 重点关注 | | 002409.SZ | | 雅克科技 | | | 002340.SZ | | 格林美 佰仁医疗 | 【电力设备】东方电缆 * 陶波 曹鸿生。公司公布 2024 年半年报， 2024 年上 | | 688198.SH 688085. ...

688595.SH 增持 原评级：增持 市场价格:人民币 24.17 板块评级:强于大市 股价表现 (21%) (4%) 13% 29% 46% 63% Aug-23Sep-23Oct-23Nov-23Dec-23Feb-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24 芯海科技 上证综指 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 (43.7) (15.5) (15.4) (14.0) 相对上证综指 (40.5) (11.6) (5.8) (5.5) | --- | --- | --- | |-------------------------------|------------|----------| | | | | | 发行股数 ( 百万 ) | | 142.43 | | 流通股 ( 百万 ) | | 142.43 | | 总市值 ( 人民币 百万 ) | | 3,442.43 | | 3 个月日均交易额 ( 人民币 | 百万 ) | 75.07 | | 主要股东 | | | | 卢国建 | | 27.98 | | 资料来源：公司公告， Wind | ，中银证券 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected outperformance of 10%-20% relative to the benchmark index over the next 6-12 months [1][3] Core Views - The company's Q2 2024 net profit attributable to the parent company increased by 19.4% YoY and 39.83% QoQ, reaching RMB 208 million, demonstrating strong profit resilience [1] - The company's negative electrode material sales volume grew by 59.34% YoY in H1 2024, reaching 83,800 tons, despite facing pricing pressure due to industry competition [1] - The company is actively pursuing an internationalization strategy, with plans to establish wholly-owned subsidiaries in Singapore and Spain, aiming to expand its overseas market presence [1] - The company is increasing R&D investment in silicon-carbon negative electrode materials, with a mature technical team and pilot production line in place, expecting to achieve batch supply in the future [1] Financial Performance - H1 2024 revenue reached RMB 2.093 billion, a 6.45% YoY increase, while net profit attributable to the parent company declined by 11.86% YoY to RMB 357 million [1][4] - The gross profit margin for negative electrode materials decreased by 7.79 percentage points YoY to 23.32% in H1 2024, reflecting pricing pressure in the industry [1] - The company's EPS for 2024-2026 is forecasted to be RMB 2.80, RMB 3.46, and RMB 4.39, respectively, with corresponding P/E ratios of 13.0x, 10.5x, and 8.3x [1][2] Operational Highlights - The company expects to maintain full production capacity in Q3 2024, with a focus on differentiated products such as fast-charging and ultra-fast-charging negative electrode materials to enhance competitiveness [1] - The company's operating cash flow is projected to improve significantly, from RMB -416 million in 2023 to RMB 367 million in 2024E, reflecting better working capital management [5] Valuation and Projections - The company's revenue is expected to grow at a CAGR of 24.1% from 2024E to 2026E, reaching RMB 8.389 billion by 2026E [2][6] - The company's ROE is projected to recover from 12.8% in 2023 to 14.6% in 2026E, driven by improved profitability and operational efficiency [6]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the company's stock will outperform the benchmark index by more than 20% over the next 6-12 months [3][10]. Core Insights - The company's revenue for the first half of 2024 (24H1) increased significantly, driven by a recovery in demand in the consumer and networking markets, leading to stable growth in sales of storage chips [3][4]. - The company achieved a revenue of 3.609 billion RMB in 24H1, representing a year-on-year growth of 21.69%, and a net profit attributable to shareholders of 517 million RMB, up 53.88% year-on-year [4]. - The report highlights the company's strong position in the storage market, particularly in Flash and DRAM products, and its ongoing diversification efforts in product lines such as MCU and sensors [4]. Summary by Sections Financial Performance - In 24H1, the company reported a gross margin of 38.16%, an increase of 4.72 percentage points year-on-year, and a net profit margin of 14.33%, up 3 percentage points year-on-year [4]. - For the second quarter of 2024 (24Q2), the company achieved a revenue of 1.982 billion RMB, reflecting a year-on-year increase of 21.99% and a quarter-on-quarter increase of 21.78% [4]. - The net profit for 24Q2 was 312 million RMB, a year-on-year increase of 67.95% and a quarter-on-quarter increase of 52.46% [4]. Market Position and Product Development - The company is the second-largest SPI NOR Flash manufacturer globally, offering a wide range of products across various specifications and applications, including automotive electronics [4]. - The DRAM market is showing signs of recovery, with niche product prices rising due to supply constraints and increased demand from consumer electronics [4]. - The company has successfully launched multiple MCU products and is expanding its sensor product lines, including fingerprint recognition solutions for PCs [4]. Future Projections - The report forecasts revenues of 7.580 billion RMB, 9.204 billion RMB, and 10.829 billion RMB for the years 2024, 2025, and 2026, respectively, with corresponding net profits of 1.205 billion RMB, 1.862 billion RMB, and 2.085 billion RMB [5][4]. - The projected price-to-earnings ratios for 2024, 2025, and 2026 are 43.8, 28.3, and 25.3, respectively, indicating a favorable outlook for the company's valuation [5][4].

食品饮料 | 证券研究报告 — 调整盈利预测 2024 年 8 月 21 日 603919.SH 金徽酒 买入 原评级：买入 市场价格:人民币 17.10 板块评级:强于大市 本报告要点 金徽酒 2024 年中报业绩点评 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 (29.5) (10.8) (24.0) (33.1) (32%) (22%) (12%) (2%) 8% 18% Aug-23Sep-23Oct-23Nov-23Dec-23Feb-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24 金徽酒 上证综指 相对上证综指 (26.3) (6.9) (14.4) (24.7) | --- | --- | --- | |-------------------------------|------------|----------| | | | | | 发行股数 ( 百万 ) | | 507.26 | | 流通股 ( 百万 ) | | 507.26 | | 总市值 ( 人民币 百万 ) | | 8,674.15 | | 3 个月日均交易额 ( 人民币 | 百万 ...

食品饮料 | 证券研究报告 — 业绩评论 2024 年 8 月 21 日 000729.SZ 买入 原评级：买入 市场价格:人民币 9.83 板块评级:强于大市 股价表现 (26%) (20%) (15%) (9%) (3%) 3% Aug-23Sep-23Oct-23Nov-23Dec-23Feb-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24 燕京啤酒 深圳成指 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 13.6 0.8 (4.0) (6.9) 相对深圳成指 24.8 7.0 9.9 13.2 | --- | |-----------| | 2,818.54 | | 2,509.56 | | 27,706.24 | | 180.91 | | | | 57.4 | | | 以 2024 年 8 月 19 日收市价为标准 燕京啤酒 吨价增幅亮眼，降本增效成果持续显现 燕京啤酒披露 2024 年中报，1H24 实现营收 80.5 亿元，同比+5.5%，实现归母/扣非 归母净利润 7.6/7.4 亿元，分别同比+47.5%/+69.1%；其中 2Q24 实现营收 44 ...