Investment Rating - The report initiates coverage with an "Overweight" rating for the company [1] Core Views - The company operates six major hydropower stations along the Yangtze River, solidifying its position as the leader in the hydropower industry with a total installed capacity of 71.8GW and annual power generation of 2762.63 billion kWh in 2023 [3] - The acquisition of Wudongde and Baihetan hydropower stations in 2023 increased the company's total installed capacity by 57.46% to 71.8GW and design power generation capacity by 52.83% to 2932.03 billion kWh [3] - The company is actively expanding capacity at Xiluodu, Xiangjiaba, and Gezhouba stations, with an expected additional capacity of 3.9GW, potentially accelerating in 2024 [3] - The six-station joint dispatch is expected to increase annual power generation by 60-70 billion kWh, leveraging improved water inflow and optimized pricing mechanisms [3] - The company maintains strong profitability with a 2023 dividend payout ratio of 73.66% and a dividend yield of 3.9%, ranking among the top in the industry [3] - The company's investment income as a percentage of net profit attributable to shareholders increased to 22.70% in Q1 2024 [3] Financial Projections - The company is expected to achieve revenues of 87.308 billion yuan, 89.262 billion yuan, and 90.794 billion yuan in 2024, 2025, and 2026, respectively, with net profits attributable to shareholders of 34.739 billion yuan, 36.286 billion yuan, and 37.116 billion yuan [3] - The projected PE ratios for 2024, 2025, and 2026 are 20.81x, 19.92x, and 19.47x, respectively [3] Industry Position - The company is the largest hydropower operator in China, with its six stations forming the world's largest clean energy corridor [8] - The company's installed capacity accounts for 17.34% of China's total hydropower capacity, and its power generation represents 21.48% of the national total in 2023 [8] - The company's hydropower assets are located along the Yangtze River, with a significant portion of power generation concentrated in the flood season from May to October [16] Expansion and Development - The company is actively pursuing pumped storage and new energy projects, with a focus on the downstream Jinsha River base for integrated water, wind, and solar energy development [32] - The company has a pumped storage project pipeline of nearly 42GW, equivalent to two Three Gorges stations, and is accelerating the development of these projects [32] - The company is also expanding internationally, with investments in overseas power distribution and clean energy projects, including the acquisition of Luz del Sur in Peru [34] Financial Performance - The company's hydropower business is expected to generate revenues of 77.391 billion yuan, 78.634 billion yuan, and 79.232 billion yuan in 2024, 2025, and 2026, respectively, with gross margins of 64.05%, 64.67%, and 64.91% [36] - The company's international, power distribution, and smart energy businesses are projected to achieve revenues of 9.48 billion yuan, 10.428 billion yuan, and 11.262 billion yuan in 2024, 2025, and 2026, respectively, with a stable gross margin of 35% [36]

计算机 / 行业投资策略周报 / 2024.08.11 千帆星座成功首发，打造国产低轨互联网 投资评级:看好(维持) 最近 12 月市场表现 -40% -32% -24% -16% -8% 0% 计算机 沪深300 分析师 杨烨 SAC 证书编号：S0160522050001 yangye01@ctsec.com 分析师 王妍丹 SAC 证书编号：S0160524040002 wangyd01@ctsec.com 相关报告 1. 《AI 驱动 AWS 增长，Kuiper 项目持 续推进》 2024-08-05 2. 《北美 CSP 如何看待日趋增长的 AI Capex？》 2024-08-05 3. 《苹果连续六个季度收入超预期》 2024-08-04 核心观点 证券研究报告 ❖ 我国成功发射千帆极轨 01 组卫星。8 月 6 日 14 时 42 分，我国在太原卫 星发射中心使用长征六号改运载火箭，成功将千帆极轨 01 组卫星发射升空， 卫星顺利进入预定轨道，发射任务获得圆满成功。此次任务是长征系列运载 火箭的第 530 次飞行。"千帆星座"也称"G60 星链"，该项目由上海松江区 牵头，联合多家资本共同打造 ...

农林牧渔 / 行业投资策略周报 / 2024.08.11 供应偏紧猪价升破 20 元，持续推荐生猪养殖 投资评级:看好(维持) 最近 12 月市场表现 -20% -16% -12% -8% -4% 0% 农林牧渔 沪深300 分析师 余剑秋 SAC 证书编号：S0160522050003 yujq01@ctsec.com 相关报告 1. 《供应偏紧猪价延续上涨，持续推荐 生猪养殖》 2024-08-04 2. 《供应持续偏紧，看好猪价上行趋势》 2024-07-28 3. 《7 月 USDA 上调全球小麦、玉米产 量预测》 2024-07-22 农业重点数据跟踪周报 证券研究报告 核心观点 ❖ 生猪养殖：猪价偏强上涨，价格周期反转。市场挺价情绪较强，供应持续偏紧 张，猪价向上持续创年内新高；补栏积极性一般，压栏和二育进场较为谨慎。中 长期，企业现金流压力明显，价格周期反转，持续推荐配置生猪养殖。1）数量 端：7 月能繁母猪存栏有所增加。根据钢联统计，7 月能繁母猪存栏量较 6 月 环比+1.11%，其中规模场环比+1.14%，中小散环比+0.20%。2）价格端：震 荡向上。根据涌益咨询，8 月 8 日，商品猪 ...

萤石网络(688475) / 计算机设备 / 公司点评 / 2024.08.10 生态升级"2+5+N"，电商渠道出货进一步提升 投资评级:增持(维持) 核心观点 | --- | --- | |----------------|------------| | 基本数据 | 2024-08-09 | | 收盘价(元) | 28.88 | | 流通股本(亿股) | 4.05 | | 每股净资产(元) | 6.69 | | 总股本(亿股) | 7.88 | 最近 12 月市场表现 萤石网络 沪深300 计算机设备 -31% -18% -6% 7% 19% 32% 分析师 张益敏 SAC 证书编号：S0160522070002 zhangym02@ctsec.com 分析师 吴姣晨 SAC 证书编号：S0160522090001 wujc01@ctsec.com 相关报告 1. 《发展多维感知+AI 交互，品牌出海 带来增量》 2024-04-14 2. 《业绩平稳向上，新品打开商用新篇 章》 2023-10-21 3. 《电商加码、新品放量、供应链优化 三重演绎》 2023-08-06 证券研究报告 ❖ 事件：公司 ...

● 投资评级:培持(维持) | --- | |------------| | 未未教据 | | 收益价(元) | | | 等殷冷資产(无)4.84 总股本(亿股)5.00 衰逝 12 月市场表現 � 张盘敏 分析师 SAC 证书编号：S0160522070002 zhangym02@ctsec.com 未 陈 至 联系人 zhucx@ctsec.com � 相关报告 1. 《IP 业务短期波动，在手订半充尾》 2023-11-03 2. 《盈利能力大幅改善，核心 IP 贡献 字性》 2023-08-05 3. 《订半节奏影响短期，长期发展趋势 明 海 》 2023-04-23 芯原股份(688521) / 半乎体 / 公司点评 / 2024.08.10 业绩琢磨 ■ 证券研究报告 多地域, 总 � 事件：公司发布 2024 年半年度报告，2024 上半年公司实现营业收入 9.32 亿 无，阿比下降 21.27%；利润瑞实现归草净利润-2.85 亿元。辛二季度公司实现 登业收入 6.14 亿元，环比大幅增长 92.96%；实现归母净利润-0.78 亿元，亏损 較第一季度大幅收窄 62.40% 业绩整体环比大幅改 ...

Investment Rating - The report assigns an "Accumulate" rating for the company for the first time [1] Core Views - The marketing strategy focuses on high-end branding, maintaining a high sales expense ratio above 26% to build a foundation for premiumization [2] - The company is increasing its investment in high-end products despite pressure on demand for mid-to-high-end products, with a focus on leveraging high-end offerings to drive growth in lower-tier products [2] - The company is adopting a dual-channel strategy to enhance efficiency and precision in its distribution, utilizing a "mushroom strategy" to target both established and emerging markets [2] Summary by Sections Company Overview - Sichuan Shui Jing Fang Co., Ltd. is a well-known mid-to-high-end liquor company in China, with its origins tracing back to 1951 [26] - The company has undergone several name changes and restructuring, becoming a national player in the mid-to-high-end liquor market [26] Market Analysis - The mid-to-high-end liquor market reached over 100 billion yuan in 2022, with a compound annual growth rate of nearly 20% from 2016 to 2022 [42] - The market is characterized by a fragmented structure, providing opportunities for established brands to gain market share [42] Product Strategy - The company focuses on high-priced products, with a product matrix that emphasizes mid-to-high-end offerings [2] - Key products include "Zhenrong Ba" and "Tianhao Chen," which are positioned to capture both high-end and mass-market segments [2] Financial Projections - The company is expected to achieve net profits of 1.37 billion yuan, 1.52 billion yuan, and 1.71 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 7.8%, 11.5%, and 12.0% [2]

| --- | --- | |--------------------------------------|--------------| | | | | | 证券研究报告 | | 工价初现回落 | | | 实体经济图谱 2024 年 第 3 0 期 | | | | | | 分析师：陈兴 博士 | | | 财通宏观首席分析师 S0160523030002 | | | 分析师：马骏 博士 S0160523080004 | | | 联系人：陈莹 | | 1 2024年8月10日 各行业量价速览 • 进入8月，高频数据显示经济仍暂偏弱。消费端，房地产销售增速回落，二手房价环比降幅走扩，乘用车零售销量 增速降幅收窄，厂商降价力度放缓导致市场价出现拐点，本月国内新能源车渗透率首次超越燃油车，而服务消费仍 弱于往年。受极端天气及资金到位等因素影响，生产继续放缓，本周钢材产量大幅回落，主因多家钢厂因亏损停产， 叠加新旧国标转换影响。近来政策重点关注消费领域，一方面，继续支持收购存量商品房作为保障性住房；另一方 面，促进服务消费的政策也已出台，后续消费，特别是服务消费，或是稳增长的重要突破口。 | --- | --- | - ...

Group 1: Monetary Policy Insights - The loan interest rate has dropped to a record low of 3.68%, down 31 basis points (bp) from Q1 2024[5] - The general loan rate decreased by 14 bp to 4.13%, while mortgage rates fell by 24 bp to 3.45%[5] - The central bank's excess reserve ratio remained at 1.5%, unchanged from Q1 but down 0.1 percentage points year-on-year[5] Group 2: Economic Outlook - The second quarter GDP growth rate has shown signs of slowing compared to the second half of 2023, with retail and new housing starts also declining[7] - Inflation has decreased in June, and the labor market is cooling, indicating that conditions for a potential Federal Reserve rate cut are nearing[7] - The central bank emphasizes the need to balance short-term and long-term economic goals, focusing on stabilizing growth while managing risks[12] Group 3: Market Risks - The central bank warns of potential volatility in asset management product values, particularly in the context of long-term bond yields declining[9] - There is an increased focus on financial risks in the bond market, with stress tests for financial institutions holding bond assets being highlighted[12] - The report indicates a need for caution regarding the real estate market, particularly in the context of rental housing support and the evolving demand for quality housing[10]

南芯科技(688484) / 半导体 / 公司点评 / 2024.08.09 数据来源：wind 数据,财通证券研究所（以 2024年08月 08 日收盘价计算) 因 投资评级:增持(维持) | --- | --- | |-------------------|------------| | 基本數据 | 2024-08-08 | | 收盘价(元) | 30.60 | | 流通股本(亿股) | 2.54 | | 每股净资产(元) | 9.07 | | 总股本(亿股) | 4.24 | | 最近 12月市场表现 | | 张益敏 分析师 SAC 证书编号： S0160522070002 zhangym02@ctsec.com 联系人 王 盛 wangchu()1@ctsec.com 1. 《收入茨季不淡,研发授入同比高增》 2024-04-30 2. 《环比高增, 订单饱满》 2023-09- 28 相关报告 � � 产品矩阵 收入利润维持较快增速。 ■ 证券研究报告 核心观点 � 事件:公司发布 2024HI 业绩报告,2024HI,公司实现收入 12.50 亿元,同比 +89.28%;归母净利润 2.05 亿 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of $7.31 billion for H1 2024, representing a year-on-year growth of 6.3%, and a net profit of $550 million, which is a 15.7% increase year-on-year [3] - The professional-grade brand Milwaukee achieved a year-on-year growth of 11.2% in H1 2024, aligning with the company's expectations for double-digit growth [3] - The company is expanding its product categories and regions, particularly in the EMEA region, where it aims to grow from a $10 billion traditional power tools market to over $50 billion [3] - The company expects to achieve revenues of $14.91 billion, $16.47 billion, and $18.36 billion for the years 2024, 2025, and 2026 respectively, with corresponding net profits of $1.16 billion, $1.32 billion, and $1.49 billion [3] Financial Performance - The company's net profit margin for H1 2024 was 7.5%, an increase of 0.6 percentage points year-on-year, with a gross margin of 39.9% [3] - The company’s inventory turnover days decreased by 24 days to 104 days, with finished goods inventory down by 20 days to 81 days [3] - The projected earnings per share (EPS) for 2024, 2025, and 2026 are $0.63, $0.72, and $0.81 respectively [5] Market Performance - The company's North American revenue grew by 5.6% year-on-year, while European revenue increased by 7.9%, and revenue from Australia and Asia saw a growth of 13% [3] - The company is focusing on enhancing its sales team to drive regional expansion [3]