Equity Research Report Strategy Midstream Capital/Traded Goods, New Infrastructure Outperformed Huatai Research 13 August 2024 | China (Mainland) Monthly Midstream capital/traded goods, new infrastructure outperformed According to our model, in July 2024, the business climate of all sectors and all non-financial sectors in the A-share market picked up slightly, while some still saw increased sales volume but decreased selling prices, with demand yet to improve, consistent with China's July PMI data. Specifi ...

Equity Research Report Strategy Market Dynamics Post Carry Trade Reversal Huatai Research 13 August 2024 | China (Mainland) Weekly Market to remain volatile in short run, with focus on high-low rotation Weak M1 data in yoy terms, low expectations for the long-term credit cycle, and foreign capital outflow due to election trading have rapidly driven up market risk premiums since June. Strengthened expectations for Fed rate cuts and RMB appreciation have unlocked room for domestic monetary policy, in our view ...

报告行业投资评级 - 维持 BUY 评级 [9] 报告的核心观点 - 手机镜头出货量增长强劲,手机CCM出货量下降 [2] - 手机镜头出货量同比增长20.7%,环比增长6.1% [3] - 手机CCM出货量同比下降19.5%,环比增长5.5% [4] - 汽车镜头出货量同比增长9.0%,环比增长15.3% [5] - 维持目标价60港元,对应2024年26倍PE [6] 分类总结 手机产品 - 手机镜头出货量增长主要受益于去年低基数 [3] - 手机CCM出货量下降主要是由于低端手机CCM出货量减少 [4] - 预计手机CCM利润率有望改善 [4] 汽车产品 - 汽车镜头出货量增长主要受益于客户需求增加 [5] - 关注海外汽车需求疲软对公司汽车镜头业务的影响 [5] AR/VR相关产品 - 其他光电/镜头产品出货量大幅增长,主要受益于VR产品订单增加 [3] - 预计AR/VR行业仍有较大增长空间,公司有望从中受益 [20][21] 其他业务 - 其他新业务如机器人、AIoT等有望快速增长并带动利润 [20][21]

报告行业投资评级 - 维持行业评级为"买入"[6] 报告的核心观点 - Jafron Biomedical 2024年上半年收入和归母净利润分别同比增长47.8%和99.1%,增速进一步提升[2] - 肾病学和肝病学产品收入分别同比增长84%和112%,新产品和成熟产品销售均保持快速增长[3] - 新业务如重症耗材和血液净化设备收入增长迅速,海外市场收入也同比增长64%[4] 分部业务总结 肾病学产品 - 2024年上半年收入同比增长84%,已销往6,000家二级及以上医院[3] - 成熟产品(HA130)收入和销量分别同比增长67%和127%,新产品(KHA)收入同比增180%[3] 肝病学产品 - 2024年上半年收入同比增长112% - 商业化进展顺利,自主研发的血浆分离器已获批,VBP覆盖18个省[3] 新业务和新市场 - 重症耗材收入同比增长72%,保持强劲增长势头[4] - 血液净化设备DX-10在国内市场占有率达21.4%,市场认可度高[4] - 海外收入同比增长64%,已销往94个国家和地区的2,000多家医院[4]

报告行业投资评级 - 维持行业评级为OVERWEIGHT [2] 报告的核心观点 - 2024年1-6月Canmax公司收入/归母净利润/经常性净利润同比下降44.09%/39.26%/55.92%,主要由于锂矿价格大幅下降 [2][3] - Canmax公司持续扩大产能,已建成50ktpa电池级氢氧化锂、60ktpa电池级氢氧化锂、25ktpa电池级碳酸锂等项目 [4] - 预计未来锂矿价格将继续下行,但跌幅逐步收窄,当价格跌破更多矿山成本线时可能会出现大规模减产,改善供需格局 [5] 分部门总结 财务数据 - 2024年预计Canmax公司营收/净利润/每股收益分别为79.20亿元/13.08亿元/1.55元 [22] - 2024年预计公司BVPS为15.74元,估值1.14倍2024年预测PB,与同行平均水平持平 [2] 经营情况 - 2024年1-6月公司锂电池材料业务收入同比下降47.08%,毛利率下降12.59个百分点 [3] - 公司持续扩大产能,已建成多个电池级锂盐项目 [4] 行业展望 - 由于供给过剩,2024年1-6月锂矿价格继续下跌,跌幅达73.8% [3][5] - 预计未来锂矿价格将继续下行,但跌幅逐步收窄,当价格跌破更多矿山成本线时可能会出现大规模减产,改善供需格局 [5]

Equity Research Report Fixed Income Reviewing Bond Market Volatility in Terms of Financial Security Huatai Research 13 August 2024 | China (Mainland) Weekly Analyst SAC No. S0570518110002 SFC No. AMB145 +(86) 10.6321.1166 Our core views The financial system exhibits pro-cyclical characteristics, and central bank regulation plays a crucial role in maintaining financial stability and policy credibility. However, given the current economic fundamentals and the pace of fiscal efforts, the PBoC is unlikely to ma ...

Equity Research Report Strategy Prospects for Export Chain Trade Huatai Research 13 August 2024 | China (Mainland) Themes Analyst SAC No. S0570520060001_wangyi012893@htsc.com SFC No. BMQ373 +(86) 21 2897 2228 Our core views: export chain to stay resilient, upside to weaken In this report, we analyze the excess return outlook for China's export chain in terms of environment and fundamentals. 1) The win rate of the export chain is 100% amid an increased manufacturing PMI overseas, with excess returns averagin ...

报告行业投资评级 报告未提供行业投资评级 报告的核心观点 1) 外部市场出现快速调整,主要受到衰退交易的影响 [3] 2) 大小盘股风格出现转变,主要由于估值调整、政策催化和资金流动等因素 [4] 3) 预计未来市场将在强弱板块之间进行再平衡,大盘蓝筹股长期优势可能持续 [4] 4) 建议关注A50资产和消费电子/造船产业链等 [7] 分行业总结 1) 电力设备行业 - 2024年上半年利润同比反弹,可能受益于储能需求 [6] 2) 公用事业行业 - 2024年上半年归母净利润增速放缓,主要从事火电业务的企业占比较高,火电出力下降 [6] 3) 医药行业 - 2024年上半年利润表现疲弱,可能受到海外订单政策影响 [6] 4) 电子行业 - 2024年二季度可能出现周期性反弹,出口韧性支撑二季度业绩 [6]

报告行业投资评级 - 报告维持Queclink Wireless的行业评级为OVERWEIGHT [4] 报告的核心观点 - Queclink Wireless 1H24业绩符合利润预告,盈利能力持续改善 [1] - 公司毛利率持续提升,得益于自主研发模块替代外购、用国产材料替代进口、获取更多高毛利订单 [2] - 公司销售、管理和研发费用率保持良好控制,销售和研发投入有所增加,后勤部门则注重提升运营效率 [2] - 公司作为无线物联网设备和解决方案的领先供应商,在芯片级开发设计、传感系统和处理系统集成设计等方面具备能力,有望凭借AI和物联网的兴起实现新的盈利增长 [3] 财务数据总结 - 2024-2026年公司收入和净利润预计将分别达到12.68/15.43/18.24亿元和2.29/2.99/3.79亿元 [8] - 2024-2026年公司毛利率预计将达到42.19%/43.37%/44.52% [14] - 2024-2026年公司ROE预计将达到11.48%/13.06%/14.19% [14] - 2024-2026年公司PE预计将下降至22.20/16.96/13.40倍 [14]

Equity Research Report Shenzhen MTC (002429 CH) 1H24 Revenue/NP Positive; Dual Growth Driver Strategy Effective Huatai Research Interim Results Review Rating (Maintain): BUY Target price (RMB): 6.90 12 August 2024 │ China (Mainland) Audio & Visual Equipment 1H24 revenue and NP showed robust performance, maintain BUY Shenzhen MTC (MTC) has released 1H24 results, posting revenue/attributable net profit (NP) for 1H24 of RMB9,520/911mn (+23.07/24.04% yoy), with the figures for 2Q24 up 33.98/41.25% yoy. We maint ...