科创板24Q2业绩分析：科创100营收利润增速改善

证券研究报告 科创100营收利润增速改善 ——科创板24Q2业绩分析 分析师：李美岑 SAC：S0160521120002 分析师：张日升 SAC：S0160522030001 分析师：张洲驰 1 SAC：S0160524070004 营收增速：科创板整体企稳，科创100持续回升，电子/医药正增长企稳，医疗器械/电气设备增速为正&环比增加。盈利增速：科创100转正，医药/计算机正增长，光学光电/新能源动力/计算机设备增速为正&环比增加。 105% 280% 35% -224% 353% 264% 图表1：主要行业&细分业绩增速汇总 科创板 市值占比 标的数量 营收增速 22-12 23-03 23-06 23-09 23-12 24-03 24-06 盈利增速 22-12 23-03 23-06 23-09 23-12 24-03 24-06 电子 41.6% 140 16% -12% -5% -1% 5% 30% 23% -6% -68% -57% -58% -52% -10% -16% 半导体 35.2% 99 27% -12% -7% -4% 0% 23% 22% 7% -64% -58% -62% -57% -46% -30% 光学光电 2.2% 15 -6% -14% -12% -11% -7% 15% 15% -121% -279% -363% -1348% -724% -19% 2% 消费电子 2.5% 8 -4% -16% 5% 15% 26% 66% 29% -47% -55% 17% 57% 医药 20.2% 106 13% -36% -25% -19% -16% 35% 24% -69% -124% -139% -118% 医疗器械 8.1% 58 18% -40% -34% -30% -28% 1% 3% -10% -72% -62% -65% -61% -7% -7% 生物医药 9.8% 31 12% -43% -22% -8% -3% 103% 61% -121% -1334% -125% 5% 1% 168% 109% 化学制药 2.4% 17 -2% 18% 20% 7% 9% 12% 11% -110% 16% 231% 357% 78% 284% 55% 机械 11.1% 106 18% 18% 14% 14% 10% 8% 5% 12% 16% 19% 13% 6% -9% -15% 专用机械 3.5% 48 29% 23% 23% 21% 15% 14% 9% 16% 8% 24% 6% -6% -10% -23% 运输设备 2.7% 9 8% 13% 4% 5% 2% -2% -5% 14% 20% 9% 11% 1% -15% -18% 通用设备 3.3% 27 23% 19% 21% 22% 20% 17% 16% 15% 16% 34% 41% 43% 10% 7% 电新 8.1% 36 68% 31% 29% 24% 16% -18% -15% 154% 35% 15% -7% -24% -67% -75% 新能源动力 1.2% 7 58% 47% 22% 12% 5% -27% -13% 126% 9% -53% -72% -70% -74% 27% 电气设备 2.2% 20 37% 60% 53% 42% 32% -3% 9% 44% 108% 67% 30% 8% -52% -35% 电源设备 4.7% 9 75% 24% 30% 27% 18% -16% -18% 182% 31% 17% -5% -24% -68% -84% 计算机 8.1% 66 6% 17% 14% 11% 8% 9% 7% -38% 2% 31% -17% -25% 20% 43% 计算机软件 3.7% 44 9% 15% 10% 6% 3% 7% 3% -47% -20% -437% -278% -76% -7% -224% 计算机设备 2.1% 14 4% 24% 22% 19% 13% 6% 6% -27% -4% 24% 21% -4% 28% 91% 云服务 2.3% 8 1% 11% 12% 15% 15% 21% 19% 31% 108% 190% 743% 220% 1011% 115% 化工 4.5% 53 62% -11% -14% -13% -17% -10% -10% 37% -52% -60% -58% -70% -40% -38% 科创板整体 100% 574 31% 2% 5% 6% 5% 5% 3% 11% -47% -37% -37% -40% -9% -25% 科创50 45% 50 41% 12% 14% 14% 13% 9% 2% 56% -17% -15% -25% -27% 4% -27% 科创100 27% 100 47% 6% 0% 0% -2% 0% 4% -6% -56% -43% -7% -18% -30% 22% 科创200 18% 200 12% -16% -5% -1% -2% 1% 1% -18% -81% -73% -72% -76% -65% -44% 营收增速：科创100回升，其余下降但正增长。盈利增速：科创100/200降幅收窄。 图表2：板块&指数分业绩ttm增速汇总 80% 营收增速ttm-全A非金融两油科创板科创50科创100科创200 盈利增速ttm-全A非金融两油科创板科创50科创100科创200 150% 60% 100% 40% 20% 0% -20% 7.8% 3.6% 1.4% -0.3% 50% 0% -50% -100% 15.7% -32.5% -35.5% -69.8% 15% 20-0920-1221-0321-0621-0921-1222-0322-0622-0922-1223-0323-0623-0923-1224-0324-06 ROEttm-全A非金融两油科创板科创50科创100科创200 20% 20-0920-1221-0321-0621-0921-1222-0322-0622-0922-1223-0323-0623-0923-1224-0324-0 净利率ttm-全A非金融两油科创板科创50科创100科创200 15% 10% 6.1% 5% 3.4% 2.6% 0.9% 0% 10% 5% 0% 6.5% 4.6% 3.8% 1.6% 20-0920-1221-0321-0621-0921-1222-0322-0622-0922-1223-0323-0623-0923-1224-0324-06 20-0920-1221-0321-0621-0921-1222-0322-0622-0922-1223-0323-0623-0923-1224-0324-06 营收增速：科创板整体企稳，科创100转正，电子/医药正增长企稳，半导体/光学光电/生物医药/云服务增速为正&环比增加。盈利增速：科创100转正，医药正增长，生物医药/计算机设备增速为正&环比增加。 图表3：主要行业&细分业绩ttm增速汇总 科创板 市值占比 标的数量 营收ttm增速 22-12 23-03 23-06 23-09 23-12 24-03 24-06 盈利ttm增速 22-12 23-03 23-06 23-09 23-12 24-03 24-06 电子 41.6% 140 16% 2% -2% 0% 5% 14% 19% -6% -34% -49% -55% -52% -43% -33% 半导体 35.2% 99 27% 9% -1% 0% 0% 8% 15% 7% -25% -46% -55% -57% -55% -47% 光学光电 2.2% 15 -6% -15% -12% -13% -7% -1% 6% -121% -246% -261% -629% -724% -200% -57% 消费电子 2.5% 8 -4% -9% -3% 6% 26% 46% 38% -47% -56% -34% 9% 105% 205% 109% 医药 20.2% 106 13% -10% -13% -16% -16% 2% 8% -69% -134% -146% -147% -224% 109% 136% 医疗器械 8.1% 58 18% -8% -17% -23% -28% -18% -10% -10% -50% -48% -66% -61% -46% -37% 生物医药 9.8% 31 12% -15% -15% -8% -3% 35% 40% -121% -143% -89% -12% 1% 60% 74% 化学制药 2.4% 17 -2% -2% 4% -4% 9% 8% 6% -110% -110% -80% -101% 78% 303% -63% 机械 11.1% 106 18% 16% 17% 15% 10% 9% 6% 12% 10% 14% 12% 6% 2% -9% 专用机械 3.5% 48 29% 24% 27% 23% 15% 14% 9% 16% 8% 17% 5% -6% -8% -25% 运输设备 2.7% 9 8% 9% 7% 5% 2% -1% -2% 14% 15% 14% 12% 1% -4% -11% 通用设备 3.3% 27 23% 22% 25% 24% 20% 19% 17% 15% 13% 26% 37% 43% 41% 27% 电新 8.1% 36 68% 54% 46% 35% 16% 6% -3% 154% 85% 55% 7% -24% -45% -63% 新能源动力 1.2% 7 58% 52% 36% 19% 5% -10% -9% 126% 92% -20% -79% -70% -87% -45% 电气设备 2.2% 20 37% 42% 48% 41% 32% 19% 14% 44% 56% 62% 33% 8% -19% -31% 电源设备 4.7% 9 75% 56% 49% 41% 18% 10% -3% 182% 90% 60% 10% -24% -46% -69% 计算机 8.1% 66 6% 6% 9% 8% 8% 7% 5% -38% -30% -11% -11% -25% -23% -23% 计算机软件 3.7% 44 9% 8% 9% 4% 3% 2% 1% -47% -56% -56% -58% -76% -107% -102% 计算机设备 2.1% 14 4% 5% 8% 11% 13% 10% 7% -27% -19% 49% 93% -4% 12% 24% 云服务 2.3% 8 1% 4% 9% 14% 15% 17% 18% 31% 62% 68% 38% 220% 127% 85% 化工 4.5% 53 62% 30% 15% -3% -17% -17% -15% 37% -1% -33% -49% -70% -71% -68% 科创板整体 100% 574 31% 19% 15% 10% 5% 5% 4% 11% -18% -25% -34% -40% -33% -35% 科创50 45% 50 41% 31% 25% 19% 13% 13% 8% 56% 26% 11% -12% -27% -23% -33% 科创100 27% 100 47% 35% 18% 7% -2% -3% 0% -6% -31% -47% -18% -18% -10% 16% 科创200 18% 200 12% -9% 0% 2% -2% 3% 1% -18% -60% -65% -70% -76% -73% -70% ROE&净利率：科创100在24Q2改善，细分看新能源动力/计算机设备/云服务抬升。 图表4：主要行业&细分盈利能力汇总 科创板 市值占比 标的数量 ROE-ttm